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Markets

Palm falls as Jan 1-10 exports plunge

  • The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 20 ringgit, or 0.5%, to 3,810 ringgit ($942.60) a tonne in early trade.
11 Jan 2021

SINGAPORE: Malaysian palm oil futures slipped on Monday, as cargo surveyor data showing a plunge in exports during the first 10 days of January weighed on the market.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 20 ringgit, or 0.5%, to 3,810 ringgit ($942.60) a tonne in early trade.

"Prices are down because of exports," a Kuala Lumpur trader said.

Exports of Malaysian palm oil products for Jan. 1-10 fell 35.4% to 260,080 tonnes from 402,880 tonnes shipped during Dec. 1-10, cargo surveyor Intertek Testing Services said on Sunday.

Capping palm's losses, soyoil on the Chicago Board of Trade (CBOT) hit a fresh 6-1/2-year high on Friday on signs of fresh export demand and lower global supplies. It was last up 0.1% on Monday.

Dalian soyoil also rose, up 0.3%. Its palm oil contract, however, fell 0.2%.

Palm oil is biased to retest a resistance at 3,883 ringgit per tonne, as it seems to be stabilising around a support at 3,780 ringgit.

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