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NewsVegoils Palm oil falls on slow export demand for second session
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Vegoils Palm oil falls on slow export demand for second session
by Cals Wed 16 Dec 2015, 01:31
- Vegoils
[size=28]Palm oil falls on slow export demand for second session
By Reuters / Reuters | December 15, 2015 : 1:31 PM MYTKUALA LUMPUR (Dec 15): Malaysian palm oil futures fell for a second consecutive session on Tuesday as weak export demand showed little signs of improving.
The February benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange lost 1.2% at the midday break, reaching 2,375 ringgit (US$549.51) a tonne. It has fallen 2.7% from a two-month high of 2,442 ringgit hit on Friday.
Traded volume stood at 19,572 lots of 25 tonnes each.
"At present, production is really bad but due to poor exports, the market may not go up much," said a trader based in Kuala Lumpur, who added that exports will be the key determinant for market gains.
"The moment it shows signs of improvement, the market may improve."
Output from Malaysia, the world's second largest palm producer, dropped 18% in November from a month ago. Inventories, however, remained at a record high as exports weakened by 12% to 1.5 million tonnes, based on government data last Thursday.
Shipment data from cargo surveyor Intertek Testing Services showed a 36% slowdown in exports during Dec 1–15 compared with the same period a month ago.
In other vegetable oil markets, the May soybean oil contract on the Dalian Commodity Exchange gained 0.5%.
(US$1 = 4.3220 ringgit)
(US$1 = 66.9950 Indian rupees)
(US$1 = 6.4650 Chinese yuan)
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