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

Palm Oil's Brief Rally Fails to Overcome Weekly Downtrend

7 Jun 2024 3:56 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, June 06 (Commoditiescontrol): Malaysian palm oil futures experienced a second consecutive day of gains on Friday, mirroring the strength seen in crude oil prices. However, the commodity still recorded a weekly loss due to subdued demand and increasing supplies.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange settled 0.4% higher at 3,976 ringgit ($848.12) per metric ton. Despite this uptick, the contract has declined over 2% throughout the week. Market analysts suggest that the current trading range of 3,800-4,000 ringgit is likely to persist unless there is a significant surge in demand.
Other vegetable oil markets also saw mixed results. Dalian's most-active soyoil and palm oil contracts gained 1.8% and 2% respectively, but both experienced weekly losses. In contrast, soyoil prices on the Chicago Board of Trade dipped 0.5%.
The palm oil market is closely tied to the movements of related oils, as they compete for share in the global vegetable oils market. Crude oil prices remained relatively stable after a recent increase, following assurances from OPEC+ members Saudi Arabia and Russia regarding their willingness to adjust output agreements. Higher crude oil prices typically boost the attractiveness of palm oil as a biodiesel feedstock.
Market participants are eagerly awaiting the release of the Malaysian Palm Oil Board's (MPOB) monthly data on June 10th. A Reuters poll anticipates a slight increase in palm oil inventories to 1.75 million metric tons by the end of May, while exports of palm oil products are expected to have surged by 14.32% to 1.41 million tons during the same period. Additionally, India's palm oil imports reportedly rose by 12.4% in May, further impacting the market.
Despite recent gains driven by firm crude oil prices, Malaysian palm oil continues to face downward pressure due to lackluster demand and rising supplies. The upcoming MPOB data will provide further insights into the market's trajectory.
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.