Malaysian palm oil settles higher for fourth straight session on output concerns

Malaysian palm oil futures settled higher for a fourth straight session on Tuesday, fuelled by lower inventories and mounting concerns over dry weather conditions shrinking output in top producing countries. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange rose 11 ringgit, or 0.29%, to close at 3,756 ringgit. “The two main factors that continue to impact prices are prospects of lower production and falling stocks,” a Mumbai-based dealer said. Malaysia’s palm oil stocks at the end of November fell for the first time in seven months as production slumped more than exports, data from industry regulator showed last week. Indonesia, the world’s biggest palm oil producer, exported 3.00 million metric tons of palm oil products in October, down 31% from the same month last year, data from the Indonesian Palm Oil Association (GAPKI) showed on Tuesday. Exports of Malaysian palm oil products in the first half of December fell 13.6% ...