Palm Oil Futures Edge Lower Amid Profit-Taking and Data Awaits

Malaysian palm oil futures declined on Thursday after two consecutive days of gains, as profit-taking weighed in and traders awaited crucial data releases. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange decreased by 17 ringgit, or 0.36%, to 4,685 ringgit ($1,146.32) a metric ton at the close.

According to Paramalingam Supramaniam, director of Pelindung Bestari, market participants are engaged in mild profit-taking, with traders waiting for August export figures as well as demand and supply data from the Malaysian Palm Oil Board and Malaysian Palm Oil Association. The Malaysian Palm Oil Board is expected to release its data on August 10.

Oil prices remained steady amidst concerns over the Strait of Hormuz, where talks between Iran and Oman aimed at restoring flows were under scrutiny. However, attacks on Saudi tankers in the Red Sea and Gulf of Aden renewed supply tensions.