BEIJING: Malaysian palm oil futures fell on Monday after cargo surveyor data showed a sharp decline in exports for early August.
Malaysian palm oil futures gain
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 26 ringgit, or 0.69%, to 3,721 ringgit ($839.01) a metric ton in early trade.
Fundamentals
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Exports of Malaysian palm oil products for Aug. 1-10 fell 17.7% to 435,413 tonnes from 528,843 tonnes shipped during July 1-10, independent inspection company AmSpec Agri Malaysia said on Saturday.
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Exports of Malaysian palm oil products for Aug. 1-10 fell 12.2% to 470,706 tons from 536,193 tons shipped during July 1-10, cargo surveyor Intertek Testing Services said on Saturday.
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Dalian’s most-active soyoil contract was down 0.4%, while its palm oil contract lost 0.2%. Soyoil prices on the Chicago Board of Trade fell 0.5%.
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Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
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Palm oil still targets a range of 3,784 ringgit to 3,789 ringgit per metric ton, as it has found a strong support zone of 3,671 ringgit to 3,704 ringgit, Reuters technical analyst Wang Tao said.
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