JAKARTA: Malaysian palm oil fell on Wednesday as export data from cargo surveyors showing a slowdown and lower prices of rival edible oil weighed on sentiment.
The benchmark palm oil contract for April delivery lost 0.53% to end the afternoon session at 3,935 ringgit ($896.36), after rising as much as 1.43% earlier in the day.
Exports of Malaysian palm oil products for Feb. 1-15 rose 8.9% on monthly basis, independent inspection company AmSpec Agri Malaysia said on Wednesday, while cargo surveyor Intertek Testing Services reported an increase of 18.4%. Malaysia’s palm oil exports during Feb. 1-10 rose between 23.3% and 39.3% from a month earlier.
Compared to shipments in the first five days and first ten days of the month, “these figures are disappointing and were triggering some profit taking,” a Kuala Lumpur-based trader said. Palm also was being dragged down by softer rival oils on the Dalian exchange and Chicago Board of Trade.
Dalian’s most-active soyoil contract dropped 0.78%, while its palm oil contract fell 0.43%, after rising 1.80% earlier in the session. Soyoil prices on the CBOT were down 0.74%. Palm is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Comments
Comments are closed for this article.