Palm Oil Futures Today Rise On Stronger Rival Oils,But Still Weak Trading

JAKARTA: oil futures Prices rose from a one-month low in the previous session, support by recovery in some rival oils and positive export data, Malaysian palm oil futures were set for a second consecutive weekly drop on Friday.

In  midday trading the benchmark palm oil contract for delivery in June on the Bursa Malaysia Derivatives Exchange had increased by 1.25 percent to 3,982 ringgit ($889.34) per tonne.

Meanwhile, the contract has lost 2.71 percent so far this week, which analysts attribute to worries about the global economy and the potential for a US banking crisis. palm oil is a seed oil

Read More: Malaysian Palm Oil Futures Is In Volatile Position; Abdul Hameed

Howerver,“We are taking this opportunity to take profits on the back of strong recoveries in Dalian and Chicago Board of Trade soyoil after the recent sell off,”. A trader based in Kuala Lumpur stated, “Our own fundamental is supportive due to good export and possible low production due to recent flooding.”

According to data from cargo surveyors, exports of Malaysian palm oil products rose between 55% and 72% from the same period in February as shipments to India increased ahead of the Muslim festival of Eid.

while Argentina’s Buenos Aires grains trade sliced its 2022/2023 soy creation figure to 25 million tons, down forcefully from the 29 million tons recently assessed, as the yield keeps on battered by a drawn out dry season.

Also Read : Palm Oil Prices May Trade Downward To Neutral Bias

Palm oil ends a three-day losing streak thanks to rising demand. Dalian’s most active soyoil contract lost 0.39 percent, while its palm oil contract gained 1.42 percent. On the Chicago Board of Trade, the price of soy oil was up 0.23 percent. palm oil is a seed oil

Also An analyst Wang Tao, palm oil may retest the support level of 3,892 ringgit per tonne. A break below that level could lead to a fall into the range of 3,810-3,856 ringgit.