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Palm Oil Futures Rebound on Market Correction and Supply Concerns

5 Jun 2024 10:57 am
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Mumbai, June 05 (Commoditiescontrol): Malaysian palm oil futures experienced a recovery on Wednesday, attributed to gains in Chicago soyoil and Dalian palm oil markets. This rebound followed the contract's sharpest decline since May 2023 in the previous trading session.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange rose 0.48% to 3,940 ringgit per metric ton by midday, after losing 3.83% on Tuesday.
Market analysts suggest the rebound is a correction from the recent sell-off, supported by the broader recovery in soy oil and palm oil markets. Additionally, market participants are eagerly awaiting the release of monthly data on production, export, and stock from the Malaysian Palm Oil Board (MPOB) on June 10th.
Dalian's most-active soy oil contract was down 0.2%, while its palm oil contract inched higher by 0.32%. Soyoil prices on the Chicago Board of Trade were up 0.57%
Meanwhile, European Union palm oil imports have declined compared to the previous year, while India's palm oil imports have increased due to recent price corrections.
The palm oil market remains volatile, influenced by global supply and demand dynamics, as well as market sentiment. Investors are closely monitoring upcoming MPOB data for further insights into the market's direction.

Global Futures Palm oil and Soy Oil



(By Commoditiescontrol Bureau; +91-9820130172)


       
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