Palm Oil Set to Finish Week on Downbeat Note
Malaysian palm oil futures held around MYR 4,250 per tonne for the second session in a row, as traders digested data from the Southern Peninsular Palm Oil Millers Association (SPPOMA) that showed production for March 1-20 climbed by 22.4% mom.
At the same time, markets awaited wider output figures from the Malaysian Palm Oil Association for further guidance.
In key buyer China, official PMIs data for March are set to be released next week.
For the week, however, the contracts are pointing to the first drop in five, slipping around 1.0% so far, dragged by recent profit-taking after prices hit their highest level in over a year last week at more than MYR 4,300.
Meantime, prices of rival edible oils were lower and oil prices fell further due to the possibility of a nearing Gaza ceasefire.
Elsewhere, the first integrated palm oil processing unit in top buyer India has started its commercial operations, marking a step in the country’s journey towards self-reliance in edible oils.
Source Link : https://www.tradingview.com/news/te_news:407531:0-palm-oil-set-to-finish-week-on-downbeat-note/
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