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Palm Oil Futures Edge Up in Range-Trading Amid Weaker Crude, Rival Oils

24 Jun 2024 11:25 am
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Mumbai, June 24 (Commodities Control): Malaysian palm oil futures experienced a slight rebound in range-trading on Monday, following the sharp losses from the previous session. However, persistent weakness in crude oil prices and competing edible oils limited the gains.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose by 12 ringgit, or 0.31%, to 3,912 ringgit ($830.57) a ton. This increase comes after a 1.49% decline on Friday and a 1.17% decrease last week.
The market is closely monitoring export estimates for June 1-25 due on Tuesday, as data from independent inspection companies revealed a decline in exports of Malaysian palm oil products for the period June 1-20 compared to May 1-20.
Crude oil prices experienced a decline in early Asian trade on Monday, marking the second consecutive session of losses. This decline is attributed to a stronger dollar, fueled by concerns of prolonged higher interest rates, which has dampened investors' risk appetite. The weakening crude oil futures make palm oil a less attractive option for biodiesel feedstock.
Additionally, Dalian's most-active soy oil contract fell 0.53%, while its palm oil contract fell 1.12%. Soyoil prices on the Chicago Board of Trade also experienced a 0.11% decline. These movements in related oils impact palm oil prices as they compete for a share in the global vegetable oils market.
The palm oil market is currently navigating a complex landscape, with factors such as weakening crude oil prices, declining exports, and movements in rival oils influencing its trajectory. As investors await export estimates and monitor market developments, the palm oil futures are expected to face continued volatility in the near term.

Global Futures Palm oil and Soy Oil

(By Commoditiescontrol Bureau; +91-9820130172)



       
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