Palm oil futures are expected to trade on a negative note. Weak BMD palm oil prices and comfortable supplies and may keep prices under check. However, festive demand may support prices at lower level, says Angel Commodities.
Crude Palm Oil
CPO August Futures traded on a negative note last weel taking cues from weak domestic as well as overseas edible oil prices. However, festive demand and a weak rupee supported prices at lower levels and settled 0.17% lower w-o-w.
Palm oil Oct Futures on KLCE recovered from lower levels last week on short coverings and settled 1% higher w-o-w. prices declined earlier on rising inventories during the seasonally higher yield period, mounting stockpiles and weak export data.
According to Malaysian Palm oil Board, exports increased 5.28% in June against May, while palm oil output declined 5.26% and the end stocks declined 10.03%.
Exports of Malaysian palm oil products in July declined 2.8% to 1,353,516 tonnes from 1,391,942 tonnes shipped in June. Malaysia as well as Indonesia has kept export tax for August unchanged from July at 5% and 10.5% respectively.
India's crude palm oil imports increased 43.22% in May to 547,151 tn from 382,034 tn last year.
Outlook
Palm oil futures are expected to trade on a negative note. Weak BMD palm oil prices and comfortable supplies and may keep prices under check. However, festive demand may support prices at lower level. Prices may also take cues from movement in the Rupee.
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