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Palm Oil Prices Dip Amid Weaker Soy Oil and Crude Oil Markets

10 Jun 2024 11:10 am
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Mumbai, June 10 (Commoditiescontrol): Malaysian palm oil futures declined on Monday, mirroring a downward trend in Chicago soy oil and crude oil prices. However, the losses were partially mitigated by the weakening Malaysian ringgit.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange experienced a modest drop of 23 ringgit, closing at 3,952 ringgit ($833.86) per metric ton.

Several factors contributed to the price decline. Favorable crop conditions in the United States, with steady progress in planting corn and soybeans, exerted downward pressure on soyoil prices. Additionally, the anticipation of sustained interest rates following robust U.S. jobs data fueled a decline in crude oil prices, rendering palm oil less appealing as a biodiesel feedstock.

While dry weather conditions in Sumatra and West Malaysia could impact palm oil production, wet spells in Kalimantan and Sabah are expected to support growth. The depreciation of the Malaysian ringgit against the dollar, however, made palm oil more attractive to foreign buyers, thereby curbing further losses.

The palm oil market remains sensitive to fluctuations in related commodity markets, particularly soy oil and crude oil. While current price trends indicate a downward pressure, the weakening ringgit offers some support. Market participants will continue to closely monitor weather patterns and global economic indicators for further insights into the future trajectory of palm oil prices.

Global Futures Palm oil and Soy Oil

(By Commoditiescontrol Bureau; +91-9820130172)


       
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