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Vegoils Commentary: Futures likely to show correction on slower exports

26 Feb 2021 9:00 am
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Mumbai (Commodities Control) – Malaysian palm oil futures jumped more than 3% on Thursday, hitting a six-week high, despite concerns over slowing exports as rival soyoil and Dalian oil strengthened.


Palm oil on the European vegetable oils market firmed on Thursday following a renewed rally in Malaysian palm oil futures as sharp overnight gains in CBOT soyoil futures sparked the ongoing bull run to continue.


The ringgit ended slightly better against the US dollar Thursday, driven by higher oil prices and the weakening of the greenback.


Chicago Board of Trade soybean oil futures dropped 1.3% on Thursday following a bearish export report, snapping a streak of four straight higher closes.


Oil prices remained close to 13-month highs on Thursday, with profit-taking limited by an assurance that U.S. interest rates will stay low and a sharp drop in U.S. crude output last week due to the storm in Texas.


BMD CPO 3M futures are likely to stabilise towards 3600/3700 RM/MT in coming sessions.


MCX CPO 1M futures to trade towards 1050/1070 Rs/10 kg.


NCDEX ref soy oil is likely to trade to 1190/1170 Rs/10 Kg.


(Commodities Control Bureau)


       
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