SINGAPORE: Malaysian palm oil futures fell to close at a one-week low on Thursday amid lower prices of rival edible softs and cautious trading ahead of the release of April’s palm oil data from key producer Malaysia on Friday.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange closed down 39 ringgit, or 1.01%, at 3,830 ringgit ($808.27), the lowest close since May 2.
Losses in related vegetable oils futures and cautious trading ahead of data from Malaysia Palm Oil Board kept palm futures mostly stagnant, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics, adding that the focus will be on the extent of April’s production rise.
A Reuters poll forecast Malaysia’s April palm oil exports declined by 7.79% month-on-month to 1.22 million tons.
Comments
Comments are closed for this article.