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Palm oil futures in Malaysia sloped downwards right after closing a one-month high in the last season. The drop came right before the key data announcements, which were awaited by traders.
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July's benchmark palm oil contract FCPOc3 on the Bursa Malaysia Derivatives Exchange slipped to 3,766 ringgits (USD 849.15)/tonne by 1.08% or 41 ringgits during early trade, following a five-session rally.
For the past five sessions, the oil held its position backed by an anticipated decrease in production as well as inventories that gave rise to the prices earlier. Still, demand worries outweigh prices. Another aspect affecting the palm oil price movements was the pricing activity of related oils that fight for a stake in the vegetable oils market globally.
Sunflower oil output in Ukraine might total 4.5-4.7 million tonnes during the September-August season for 2022/23 and may hit 6 million tonnes in the 2023/24 period considering the plans for increasing crop area by farmers of sunoil. The most active soyoil contract, Dalian's DBYcv1, dropped 0.3%, whilst the palm oil contract DCPcv1 moved downward by 0.1%.
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According to the article by Procurement Resource, palm oil futures slipped recently and right before the Key Data Announcement by Malaysian Palm Oil Board (MPOB) And Cargo Surveyors. The cause for the drop has been speculated to be many factors like demand worries and pricing activity of related oils like sunflower oil, soy oil which competes with palm oil for a stake in the global vegetable oil market.
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