Malaysian Palm Oil Remained Under Pressure; Analyst Abdul Hameed

COMMODITY (B-Trams):

Analyst Abdul Hameed : As Today Palm oil market in the direction less due to slow demand while in early trade benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange climbed 30 ringgit, or 0.79%, to 3,815 ringgit ($852.70) a tonne due to rise in rival vegetable oils.

Also Read : Palm oil Fell Today, It May Trade Into 3,810 and 3,856 Ringgit

But as I said before now mustard oil is cheaper the palm near to 50$ and traders attention  converts to mustard oil

However, Demand and next destinations stocks still a big hurdle to pump up the palm oil prices, Incoming days production picking up and export loss the early month pace.currently there is no sold factor which can pent up the prices in near term

Read More : CBOT Corn May Surge into $6.35 to $6.38 Bushel Range

Also Hameed said,  Increase in supply of Brazilian Soybean put pressure on local market And china market as well ,EU markets sharply fell after food mustard harvest and quotes below the palm oil prices