Mumbai, 2 August (Commoditiescontrol) Malaysian palm oil futures may witness pressure initial this week due to weaker exports in July but concerns over slowing output during the peak season will bolstered positive tone later, said an anlyst. Besides, higher demand from top buyers like India and China will support CPO futures on the Bursa Malaysia Derivatives (BMD), said the market analyst.
The weaker than expected output during the peak production season has caused anxiety among market participants, he added.
Malaysian CPO futures ended last week on concerns over lower stocks and weaker output in the coming weeks.
On weekly basis, CPO futures for delivery in October gained RM 98 to RM 4,369 per tonne on the BMD. Weekly volume rose to 288,074 from 247,352 lots in the previous trading week, while open interest climbed to 251,276 contracts versus 247,352 contracts previously.
Malaysian palm oil exports declined over 7.71 percent in July on monthly basis, said Amspec Agri on Saturday. Accroding to Amspec Agri, Malaysia's July palm oil exports would be at 1426,617 tonnes in July against the exports data in June at 1,545,780 tonnes.
The estimate by surveyor Intertek Testing Services (ITS) showed that Malaysian palm oil exports dropped over 5.2 percent in July on monthly basis.
Malaysia’s palm oil exports during 1-31 July is estimated at 1,440,096 tonnes, down 5.2percent from the same period last month, showed ITS data. As per the ITS data, Malaysia’s palm oil exports were 1,519,180 tonnes in June
(By Commoditiescontrol Bureau: +91-22-40015505)
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