Malaysian palm oil futures steady, awaiting export estimates

Malaysian palm oil futures maintained a steady performance on Thursday as traders awaited the release of palm oil export estimates for the period spanning June 1-20. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange saw a marginal decrease of 2 ringgit, or 0.05%, closing at 3,918 ringgit ($832.20) per metric ton by 0248 GMT. Throughout the trading session, the contract fluctuated within the range of 3,904 ringgit to 3,938 ringgit per metric ton. It is worth noting that the contract had registered a 0.36% uptick in the previous night's trading.

The palm oil market is closely monitoring the upcoming export estimates, which are expected to provide insights into the demand dynamics for Malaysian palm oil in the international market. The stability in prices reflects the cautious optimism among market participants as they assess the potential impact of the export figures on future trading activities.

As the Malaysian palm oil futures market awaits the release of crucial export estimates, the current stability in prices indicates a balanced sentiment among traders. The forthcoming data will likely influence market movements and offer valuable insights into the demand trends for Malaysian palm oil. Stay tuned for further updates on this developing story.