Malaysian palm oil futures drop 1.3% to MYR 4,900/tonne
Malaysian palm oil futures fell around 1.3% to MYR 4,900 per tonne, extending losses to a one-week low. Malaysian Palm Oil Board data showed inventories rose 7.48% month-on-month in August to 2.82 million tonnes, while exports fell 7.5% to 1.29 million tonnes.
3% to MYR 4,900 per tonne, hitting a one-week low. 82 million tonnes, an eight-month high. 82 million tonnes. The move also tracked weaker edible oil prices in Dalian and Chicago and a firmer ringgit.
In India, heavy edible oil buying has clogged major ports, delaying vessel unloading by as much as 10 days as storage tanks overflow. Losses were limited by higher crude prices, with Brent above US$100 a barrel on renewed Middle East tensions, supporting palm oil as a biodiesel feedstock. Dry weather across Southeast Asia added concern over yields after fires and haze in Borneo and Sumatra.