Malaysian palm oil futures fall more than 1% to around MYR 4,900/tonne
Malaysian palm oil futures slipped more than 1% to around MYR 4,900 per tonne, extending their decline to a one-week low. The move came as traders looked ahead to MPOB monthly data, with exports also seen as sluggish.
Malaysian palm oil futures slipped more than 1% to around MYR 4,900 per tonne, hitting a one-week low. Weaker edible oil prices in Dalian and Chicago and a stronger ringgit pressured sentiment, while traders awaited monthly Malaysian Palm Oil Board data later today. 9% from July. In India, heavy vegetable oil buying has clogged major ports, delaying vessel unloading by up to 10 days as storage tanks overflow.
Losses were limited by firmer crude prices after Brent breached US$100 a barrel. Unusually dry weather across Southeast Asia also raised concern over palm yields after fires and haze in Borneo and Sumatra.