Malaysian crude palm oil fell 2.1 per cent to more than three-week lows yesterday, pressured by weak crude and slowing shipments, although traders said drought hurting South American soyaoil could spur demand.
Palm oil, used in products ranging from biscuits to biofuel, have soared by a third from an October 28 low of RM1,331 thanks to falling domestic stockpiles but have failed to stay above RM1,800 due to volatile crude markets and long Lunar New Year holidays.
“The market is very quiet for the holidays, palm producers only enter the market in the mornings and then get out in the afternoon,” said a trader with a foreign commodities brokerage.
The benchmark April contract on the Bursa Malaysia Derivatives Exchange closed down RM37 to stand at RM1,745, a level unseen since January 5.
Other traded contracts fell between RM17 and RM41. Overall volume slumped to 6,982 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.
Another cargo surveyor, Societe Generale de Surveillance, reported declines of 24.1 per cent to 1,016,477 tonnes. – Reuters
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