Malaysian Palm Oil Futures Is In Volatile Position; Abdul Hameed

COMMODITIES (B-Trams):

Abdul Hameed Analyst: Malaysian oil Palm futures trade contract for June surges today to MYR 3,950 Per Tonne, Inch up due to Dalian Exchange and Chicago Board of Trade,

But it will hard to sustain on current level due to pressured by persistent concerns about sluggish global demand. As India’s palm oil imports in February dropped 30% from the previous month and an increase in stocks due to excessive imports during November-January.

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While Currently Malaysian oil palm has good pockets demand from small and mena countries due to restrictions from Indonesian exports, and malaysian market taking short term advantage

As he said before market seems to below 3800 RM which will create some rooms for buying to mid term,early crops loss from Argentina side slightly hope to stable the soyabean market ,

While Australian mustard crops may put pressure on Canada and  European market. Also bumpers crops from Brazil made pressure for market when china going to support there local crops and yesterday china buy reserve stocks from own local market .

Also Read : Malaysian Farmers File EU Petition On Deforestation Law

However, Weak biofules demand from UE also put pressure on Malaysian oil Palm futures Price. Hence The Prices will remain unchanged at 3700-4200 Range  level.