Mumbai, June 20 (Commodities Control): Malaysian palm oil futures experienced minimal fluctuations on Thursday, as market participants eagerly anticipated export estimates for the period of June 1-20. By midday, the benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange had edged up by 4 ringgit (0.1%) to 3,924 ringgit a metric ton.
Throughout the session, the contract oscillated between 3,901 ringgit and 3,938 ringgit a metric ton, following a 0.36% increase in overnight trade. As per the sources, the market is still range-trading while waiting for leads from exports data and the production figures.
Meanwhile, in Dalian, the most-active soy oil contract saw a 0.1% rise, while its palm oil contract experienced a 0.34% gain. In contrast, soyoil prices on the Chicago Board of Trade experienced a 0.27% decline. These movements are relevant to the palm oil market, as price fluctuations in related oils impact the competition for market share in the global vegetable oils sector.
According to technicals, palm oil is projected to reach a range of 3,965 ringgit to 4,011 ringgit per metric tonne, having surpassed resistance at 3,927 ringgit. The release of export data and production figures will likely play a significant role in determining the direction of the market in the coming days.
Global Futures Palm oil and Soy Oil
(By Commoditiescontrol Bureau; +91-9820130172)
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