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Malaysian Palm Oil Futures Fall on Weak Export Data and Chicago Soyoil Prices

18 Jun 2024 4:12 pm
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Mumbai, June 18 (Commodities Control): Malaysian palm oil futures experienced a significant decline on Tuesday, the first trading day after the Eid holiday, due to a combination of weak export data and falling Chicago soybean oil prices. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed at 3,883 ringgit ($824.07) per metric ton, marking a 1.15% drop or 45 ringgit.
Market analysts attributed the downward trend to a spread adjustment against competing vegetable oils and persistent concerns about weak palm oil export demand. Cargo surveyor Intertek Testing Services and AmSpec Agri Malaysia reported an estimated decline of 19.8% to 21.6% in Malaysian palm oil product exports for June 1-15.

However, Societe Generale de Surveillance (SGS) provided a contrasting view, reporting an increase in Malaysian palm oil product exports to 488,388 metric tons for June 1-15, compared to 426,947 metric tons during the same period in May.


In related markets, Dalian's most-active soyoil contract saw a modest increase of 0.33%, while its palm oil contract edged up by 0.4%. Conversely, soyoil prices on the Chicago Board of Trade experienced a 0.23% decline.
The recent dip in Malaysian palm oil futures underscores the market's sensitivity to fluctuations in export demand and global vegetable oil prices. Technical analysts predict a potential further decline, with the palm oil FCPOc3 contract potentially breaking the 3,889 ringgit support level and falling into the 3,811-3,843 ringgit range.

Global Futures Palm oil and Soy Oil



(By Commoditiescontrol Bureau; +91-9820130172)


       
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