Mumbai, 2 April (Commoditiescontrol):
Malaysian palm oil futures slipped on Tuesday as the traders were awaiting monthly production data for further direction after cargo surveyor data showed a sharp rise in March exports.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives(BMD) Exchange slipped 0.07% to 4,264 ringgit ($898.25) a metric ton by the midday break.
The contract traded between 4,224 ringgit and 4,283 ringgit during the morning session.
"Today, Bursa Malaysia crude palm oil futures market movements mostly followed rival oilseeds," a trader said.
"Recovery in production is expected from April, May onwards." Exports of Malaysian palm oil products for March were seen rising between 11.77% and 29.2%, cargo surveyors Intertek Testing Services, according to AmSpec Agri Malaysia and Societe Generale de Surveillance (SGS)
The soyoil contract on the Dalian Commodity Exchange gained 0.62%, while the palm oil contract was up 0.53%. Soyoil prices on the Chicago Board of Trade were up 0.23%.
Palm oil normally takes directions from the price movements in related oils as they compete for a share of the global vegetable oils market.
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