Market News (B-Trams) : As Traders are awaitng For MPOB data which looks Picking Up Production level and Slow demand, But by external Support Palm Oil market will trade up side bias .
Palm oil futures ticked up on Friday to log a 9.4% weekly jump, as a recent rally in rival edible oils, crude futures, and a declining ringgit lent support ,While talking with B – Trams (Palm Oil Analyst and forecaster) and Director of Sales Mazoor Trading co. “Abdul Hameed” Said;
“Palm oil Biodiesel Demand rising because weaker riggint and wide Soy oil Gap help Boost in demand. however, supply crunch also exist due to geo polictical situation globally also War Between Russia and Ukarine. “
“He also Said, Market performance looks Neutral To Bullish side As globally engergy crisis support the market rise, And the worst wheather situation in Latin Side also Support the market to surge”
Earlier jumped 3%, but surrendered gains after leading analysts told a conference global demand for the commodity remains uncertain as strict COVID-19 policies in key market China remains.
While Palm oil prices are expected to trade between 3,500 to 4,500 ringgit per tonne in the period from now until the end of March next year due to higher crude prices and weaker ringgit, said Dorab Mistry.
Howerver, Interband Group of Companies senior palm oil trader Jim Teh said the crop report for October was expected to be bearish as production was expected to increase further during the month which would result in an increase in Malaysian palm oil October’s stockpile.