Mumbai, June 19 (Commodities Control): Malaysian palm oil futures experienced a rebound on Wednesday, fueled by gains in rival vegetable oils on the Dalian Commodity Exchange and overnight strength in Chicago soyoil futures. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange climbed 46 ringgit to close at 3,929 ringgit ($834.47) a metric ton.
Dalian's most-active soy oil and palm oil contracts witnessed notable gains of 0.87% and 1.08%, respectively.
Asian shares reached a three-week high, driven by a rally in tech stocks, while the dollar weakened following softer-than-expected U.S. retail sales data.
Rising tensions in Europe and the Middle East, coupled with concerns about potential supply disruptions, also lent support to oil prices, indirectly influencing palm oil.
However, it's important to note that European Union palm oil imports for 2023/24 have declined compared to the previous year, and early estimates suggest a decrease in Malaysian palm oil product exports for June 1-15.
Despite mixed signals from import and export data, the overall sentiment in the palm oil market remains positive, primarily driven by favorable global cues and a rebound in related vegetable oil markets. Investors will closely monitor upcoming data releases and geopolitical developments for further insights into the future direction of palm oil prices.
Global Futures Palm oil and Soy Oil
(By Commoditiescontrol Bureau; +91-9820130172)
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