Malaysian crude palm oil futures slid 2.6 per cent yesterday in light post-holiday trading after crude oil slumped and a cargo surveyor reported slower sales, fanning demand concerns.
But concerns that global supplies of vegetable oils may fall, as the Argentine soya crop suffers its worst drought since 1961, helped to curb some losses, with traders saying the impact could boost demand for palm oil.
“The market should be falling to RM1,700-RM1,750, trying to play catch up with crude, but the expectation of more demand coming in because there could potentially be less South American soyaoil, has supported it,” a trader with a commodities brokerage said.
“I don’t think that is very plausible although the sentiment of stronger demand in coming months is there. Just look at the cargo surveyor data.” Exports of Malaysian palm oil products for Jan. 1-25 fell 29.2 per cent to 952,478 tonnes from 1,345,325 tonnes shipped between Dec. 1 and 25, cargo surveyor Intertek Testing Services said yesterday. Another cargo surveyor, Societe Generale de Surveillance, reported declines of 24.1 per cent to 1,016,477 tonnes.
The benchmark April contract on the Bursa Malaysia Derivatives Exchange settled down RM48 at RM1,782 ringgit a tonne.
Other traded contracts fell between RM34 and RM50. Overall volume dropped to 6,079 lots of 25 tonnes each from about 10,000 lots as many traders were still away for Lunar New Year following market closures on Monday and Tuesday.
Exports of Malaysian palm oil products for Jan. 1-25 fell 29.2 per cent to 952,478 tonnes from 1,345,325 tonnes shipped between Dec. 1 and 25, cargo surveyor Intertek Testing Services said on Wednesday. – Reuters
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