Palm oil ends higher for second day on lower output concerns

Malaysian palm oil futures ended higher onThursday, as forecast of lower production outweighed prospect of softer demand amid India’s duty concessions for imports of edible oils. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed up 16ringgit, or 0.41%, at 3,895 ringgit ($825.56) a metric ton, up for a second day. India, the world’s biggest importer of vegetable oils, on Wednesday allowed limited imports of corn, crude sunflower oil, refined rapeseed oil, and milk powder under the tariff-rate quota (TRQ), where importers pay nil or lower duty, as New Delhi tries to bring down food inflation. Exports from Malaysia during June 1-25 fell between 16.1% and 16.9% from the same period in May, cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia said earlier this week. Production in the world’s second-largest grower during June 1-20 is forecast to decline 6.3% from a year-ago period, traders and analysts said, citing ...