SINGAPORE: Malaysian palm oil futures fell for a second consecutive session on Tuesday, weighed down by concerns over rising stockpiles and weakness on the Dalian.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange fell 59 ringgit, or 1.6%, to 3,679 ringgit ($772.57) a metric ton at closing. The benchmark contract also logged a second consecutive month of losses, falling 2.4% in October.
Exports of Malaysian palm oil products for October rose between 6.6% and 8.9% from a month earlier, cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri Malaysia said on Tuesday.
Meanwhile, Indonesia’s August palm oil exports eased 55% on year to 2.07 million metric tons, association GAPKI said on Friday. Expectations of greater output are outweighing rise in exports, resulting in higher end-of-month stock levels, said Sathia Varqa, senior analyst with Fastmarkets Palm Oil Analytics.
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