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| Commodity News |
| HeadLine : |
Palm extends decline on profit booking amid soyoil weakness |
| Date : |
Apr 9 2024 |
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Malaysian palm oil futures fell for the third straight session on Monday after hitting a one-year high last week, as losses in rival soybean oil prompted profit booking.Falling stocks have lifted palm oil prices in recent weeks, but the rally has caused its premium over soybean and sunflower oil to rise, said a Mumbai-based dealer with a global trade house.India’s palm oil imports fell to their lowest level in 10 months in March as buyers substituted it with cheaper sunflower oil.Malaysia’s palm oil inventories are expected to have declined 6.65% from the prior month to an eight-month low of 1.79 million tons at the end of March, a Reuters survey showed on Thursday.The Malaysian Palm Oil Board is scheduled to release the data on April 15.
Source:in Commodity News
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