KUALA LUMPUR: Malaysian palm oil futures inched down on Thursday, falling for a second straight day on lower-than-expected Sept. 1-10 exports and rising production, but a marginal rise in August inventories capped losses.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange closed down 2 ringgit, or 0.07%, at 2,812 ringgit ($675.64) a tonne, after rising as much as 1% during the session.
Malaysia's palm oil stocks at the end of August rose 0.06% from July to 1.7 million tonnes, lower than the 5.4% increase predicted by a Reuters survey, as imports slumped and domestic consumption picked up, the Malaysian Palm Oil Board data showed.
Crude palm oil output rose 3.07% to a two-month high of 1.86 million tonnes, MPOB said. Exports from Malaysia during Sept. 1-10 grew 10% from August, according to cargo surveyors. That missed market estimates of a 13% increase, said Cultrera.
Weakness in Dalian palm and rumours of higher production in no.1 exporter Indonesia also pressured prices, a Kuala Lumpur-based trader said. Dalian's most-active soyaoil contract fell 0.47%, while its palm oil contract slipped 0.24%. Soyaoil prices on the Chicago Board of Trade were down 0.15%.
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