KUALA LUMPUR: Malaysian palm oil futures slipped for a fourth session in five on Friday evening after earlier trading in a range, as traders awaited upcoming industry data and forecasts from leading analysts.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange fell 0.3 percent to 2,382 ringgit ($608.12) a tonne at the close of trade. It earlier fell to 2,380 ringgit, its lowest levels since April 17 and matching the intraday lows of April 18.
Trading volumes stood at 23,727 lots of 25 tonnes each at the end of the trading day.
“The market has been trading sideways, it is waiting for more news and ahead of an industry conference on Saturday,” said a trader in Kuala Lumpur.
An edible oils conference is scheduled in Dubai over the weekend, where leading analysts are expected to present their forecasts.
Palm is, however, down 1.3 percent for the week, following three previous sessions of falls on weakening export demand.
Malaysian palm oil shipments for April 1-25 fell 0.8-2.5 percent compared with the corresponding period last month, independent inspection company AmSpec Agri Malaysia and cargo surveyor Societe Generale de Surveillance reported earlier this week.
Export data for the full month is scheduled on Monday after 0300 GMT.
In other related oils, the Chicago July soybean oil contract fell 0.8 percent, while the September soybean oil on China’s Dalian Commodity Exchange edged down 0.1 percent.
The Dalian September palm oil contract rose 0.2 percent.
Palm oil is impacted by movements in rival edible oils as they compete for a share in the global vegetable oils market.
Palm oil may revisit its April 17 low of 2,354 ringgit per tonne, as a bounce from this level could have ended around a resistance at 2,434 ringgit, said Reuters market analyst for commodities and energy technicals Wang Tao.
Source: Brecorder
