KUALA LUMPUR: Malaysian palm oil futures ended lower on Wednesday in cautious trading ahead of private data on exports amid a forecast of global consumption of the edible oil falling for the first time on record.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed down 30 ringgit, or 1.22%, to 2,436 ringgit ($570.49) a tonne.
"Prices moved in a narrow range today, awaiting signs of the June 1-25 export data scheduled tomorrow," said Paramalingam Supramaniam, director of Selangor-based brokerage Pelindung Bestari Sdn Bhd.
The contract extended early losses following market talks of June 1-25 exports from Malaysia rising 40.88% from a month ago, traders said. This is lower compared to a 50%-57% monthly surge in exports during June 1-20.
The Malaysian Palm Oil Association said the industry already loses around 10-20% of potential production annually due to worker shortages. Dalian's most-active soyaoil contract fell 0.72% and its palm oil contract slipped 0.07. Soyaoil prices on the Chicago Board of Trade were down 0.79%.
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