Login ID:
Partner Login
Contact Us : 7066511911

Malaysian Palm Oil Futures Fall on Weak Export Data and Chicago Soyoil Prices

18 Jun 2024 4:12 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, June 18 (Commodities Control): Malaysian palm oil futures experienced a significant decline on Tuesday, the first trading day after the Eid holiday, due to a combination of weak export data and falling Chicago soybean oil prices. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed at 3,883 ringgit ($824.07) per metric ton, marking a 1.15% drop or 45 ringgit.
Market analysts attributed the downward trend to a spread adjustment against competing vegetable oils and persistent concerns about weak palm oil export demand. Cargo surveyor Intertek Testing Services and AmSpec Agri Malaysia reported an estimated decline of 19.8% to 21.6% in Malaysian palm oil product exports for June 1-15.

However, Societe Generale de Surveillance (SGS) provided a contrasting view, reporting an increase in Malaysian palm oil product exports to 488,388 metric tons for June 1-15, compared to 426,947 metric tons during the same period in May.

In related markets, Dalian's most-active soyoil contract saw a modest increase of 0.33%, while its palm oil contract edged up by 0.4%. Conversely, soyoil prices on the Chicago Board of Trade experienced a 0.23% decline.
The recent dip in Malaysian palm oil futures underscores the market's sensitivity to fluctuations in export demand and global vegetable oil prices. Technical analysts predict a potential further decline, with the palm oil FCPOc3 contract potentially breaking the 3,889 ringgit support level and falling into the 3,811-3,843 ringgit range.

Global Futures Palm oil and Soy Oil

(By Commoditiescontrol Bureau; +91-9820130172)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Post Comment  

Latest Market Commentary
India, Malaysia Strengthen Cooperation in Agriculture, ...
Castor Market Remains Steady Amid Stable Purchases
Coconut Prices : 18 Jul 2024
Malaysian CPO Futures See Third Straight Day of Gains
Superior Quality Peanut Price Surge in Gujarat Market
Top 5 News
Panjab Sugar Prices -19 July 2024
Madhya Pradesh Sugar Prices -19 July 2024
IGC Raises 2024/25 Global Grains Production Forecast, P...
Copper Prices Near Three-Week Lows Amid Lack of New Chi...
Indonesia to Launch SIMBARA System for Enhanced Nickel ...
Top 5 Special Reports
US cotton net sales for July 5-11 at 27,200 RB, hit mar...
US soybean net sales for July 5-11 at 360,100 MT, up 73...
Cotton Spinning Industry Set for Recovery in FY2025, Ex...
USDA Forecasts Global Cotton Production Surge, Expects ...
Argentina's Currency Market Intervention: Will It Reviv...
Copyright © CC Commodity Info Services LLP. All rights reserved.