Mumbai, June 25 (Commodities Control): Malaysian palm oil futures experienced volatility on Wednesday, initially declining due to projected lower exports for June, but rebounding slightly on forecasts of reduced production in the world's second-largest producer.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange ultimately gained 18 ringgit, to 3,877 ringgit ($822.71) a metric ton during early trade, remaining near its lowest since May 17th.
This fluctuation follows a 6.3% year-over-year decline in production during June 1-20, as forecasted by the Malaysian Palm Oil Association. Additionally, cargo surveyors Intertek Testing Services, AmSpec Agri Malaysia, and Societe Generale de Surveillance (SGS) have estimated a decrease in exports ranging from 16.1% to 16.9% compared to the same period in May.
In related oils, Dalian's most-active soyoil contract gained 0.5%, while its palm oil contract rose 0.9%. Soyoil prices on the Chicago Board of Trade were also up 0.9%.
Despite a slight recovery in early trade, the palm oil market remains under pressure due to the combined effects of declining production and export figures. The market will likely continue to be influenced by these factors, as well as by the movements of related oils and crude oil prices. Technical analysis suggests a potential revisit to the May 10th low of 3,767 ringgit per metric ton.
Global Futures Palm oil and Soy Oil
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(By Commoditiescontrol Bureau; +91-9820130172)
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