Mumbai, June 19 (Commodities Control): Malaysian palm oil futures experienced a moderate increase on Wednesday, closing at 3,922 ringgit ($833.58) per metric ton, a 0.95% gain. This upward movement mirrored the gains observed in rival vegetable oils on the Dalian Commodity Exchange, partially offsetting losses from the prior session.
As per the sources, the Dalian market positively influenced palm oil futures, the appreciating Malaysian ringgit acted as a countervailing force, limiting the overall price increase. The ringgit, the currency used for palm oil trade, strengthened 0.15% against the U.S. dollar, making the commodity relatively more expensive for foreign buyers.
Additionally, data revealed a decline in European Union palm oil imports for the 2023/24 period, reaching 3.22 million tons as of June 16th, compared to 3.97 million tons imported a year earlier.
Despite the recent gains, the palm oil market remains sensitive to fluctuations in both the Dalian market and the Malaysian ringgit. Technical analysis suggests the potential for further gains, with palm oil prices possibly reaching the 3,965 to 4,011 ringgit range. However, the strength of the ringgit and evolving import trends in the European Union will be crucial factors to monitor in the coming days.
Global Futures Palm oil and Soy Oil
(By Commoditiescontrol Bureau; +91-9820130172)
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