login_img.jpg
Login ID:
Password:
Partner Login
Contact Us : 7066511911

Malaysian Palm Oil Futures Tumble Over 3% on Weaker Dalian and Crude Oil Prices

4 Jun 2024 11:31 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, June 04 (Commoditiescontrol): Malaysian palm oil futures experienced a significant decline of over 3% on Tuesday, following a public holiday. The downturn was primarily attributed to the weakening of rival Dalian contracts and crude oil prices.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange witnessed a substantial drop of 135 ringgit (3.34%), settling at 3,941 ringgit ($839.73) per metric ton in early trade. This decrease contrasts with the 5% gain observed in the previous week.
Contributing factors to the decline include a 1.45% fall in Dalian's most-active soy oil contract and a 2.03% decrease in its palm oil contract. Meanwhile, soyoil prices on the Chicago Board of Trade showed a modest increase of 0.32%.
The weakening of crude oil prices further exacerbated the situation, rendering palm oil less appealing as a biodiesel feedstock. Brent crude futures experienced a 0.68% decline, trading at $77.83 per barrel.
Additionally, the strengthening of the ringgit, the currency in which palm oil is traded, by 0.26% against the dollar made the commodity relatively more expensive for foreign buyers.
The decline in Malaysian palm oil futures underscores the interconnectedness of global commodity markets and the susceptibility of palm oil prices to fluctuations in related markets. Investors are advised to closely monitor developments in the Dalian and crude oil markets, as these will likely continue to influence palm oil prices in the near future.
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
0.0

   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
COCONUT PRICES : 16 Jul 2024
Castor Prices Feel Pressure On Monsoon Revival, Heavy S...
Malaysian Palm Oil Futures Surge on Strong Exports, Riv...
OIL SPOT PRICES : 16-Jul-2024
Peanut Prices Stable in Gujarat on Weak Demand, Limited...
more
Top 5 News
Small Cardamom Prices Continue to Decine
Domestic and Vietnamese Pepper Prices Continue to Decli...
Clove Prices Remained Stable; Imports Declined After Fi...
Market Wise Chana Arrivals: Supply Up By 3.56% Against...
Market Wise Tur Arrivals: Supply Up By 8.39% Against P...
Top 5 Special Reports
Argentina's Currency Market Intervention: Will It Reviv...
Weekly: Sugar Prices Decline Amid Strong Brazilian Outp...
Weekly: Cotton Extend Loss For 7th Week; Bears Tighten ...
USDA lowers 2024-25 global soybean production estimates...
USDA revises 2024-25 global cotton ending stocks estima...
Copyright © CC Commodity Info Services LLP. All rights reserved.