Malaysian palm oil futures fell on Thursday

Published 2024년 2월 19일

Tridge summary

Malaysian palm oil futures have dropped nearly 2% due to concerns over the country's exports, with Malaysia being the second-largest exporter of the commodity. The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed down 0.31% at 3,809 ringgit ($797.20). Exports of Malaysian palm oil products fell between 10.8% and 17% from the previous month in the first half of February. Additionally, Malaysia's palm oil stocks reached a six-month low at the end of January due to a decrease in production and robust exports.

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Original content

Malaysian palm oil futures fell on Friday, ending the week with a loss of nearly 2%, as growing concerns over exports of the tropical oil from second-biggest exporter Malaysia prompted traders to shrug off falling inventories. The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed down 12 ringgit, or 0.31%, at 3,809 ringgit ($797.20). The contract fell 1.9% for the week after rising 3.12% last week. “Weak exports are putting pressure on prices. Exports in February could fall below 1 million tonnes and lead to further price declines,” said Chandran S, a futures broker at Kuala Lumpur-based CGS International, Reuters reported. Exports of Malaysian palm oil products fell 10.8% to 17% from the previous month between February 1 and 15, two surveyors said on Thursday. Surveyor Societe Generale de Surveillance (SGS) on Friday said exports for the period from February 1 to 15 amounted to 492,654 metric tons, compared with 514,890 tons in the ...

Source: Oilworld