Mumbai, June 18 (Commodities Control): Malaysian palm oil futures experienced a decline on Tuesday, resuming trade after the Eid holiday. The benchmark September contract on the Bursa Malaysia Derivatives Exchange dipped 0.53% to 3,907 ringgit ($828.98) per metric ton by midday, weighed down by weak export figures and overnight losses in Dalian vegetable oils.
Preliminary data from cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia revealed an estimated 19.8% to 21.6% decrease in Malaysian palm oil product exports for the June 1-15 period. This export weakness contributed to the downward pressure on palm oil prices.
Further influencing the market were price movements in related oils. Dalian's most-active soyoil contract rose 0.51%, while its palm oil contract gained 0.63%. Additionally, soyoil prices on the Chicago Board of Trade edged up 0.5%. These price movements reflect the interconnected nature of the global vegetable oils market, where different oils compete for market share.
The decline in Malaysian palm oil futures can be attributed to a combination of factors, including weaker-than-expected export data and the performance of related vegetable oils in the Dalian and Chicago markets. The interaction between these various elements continues to shape the dynamics of the global palm oil market. Technical analysis suggests a potential further decline in palm oil prices, with support levels to watch at 3,889 ringgit and a range of 3,811-3,843 ringgit.
Global Futures Palm oil and Soy Oil
(By Commoditiescontrol Bureau; +91-9820130172)
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