Malaysian palm oil falls on weak exports and lower crude prices
Malaysian palm oil futures fell for a second consecutive session on Monday. The December contract on Bursa Malaysia declined 0.84% to 4,857 ringgit/t, or about $1,192/t.
The market was pressured by weaker crude oil prices, a firmer ringgit and sluggish exports. Lower crude prices make palm oil less attractive as a biodiesel feedstock.
Cargo surveyors estimated that Malaysian palm oil exports for September 1–20 fell by 12.8–24.7% compared with the previous month.
Weakness was also seen across rival vegetable oil markets. Dalian soyoil futures fell 0.11%, palm oil declined 0.92%, while CBOT soyoil was down 0.45%.
The ringgit also strengthened by 0.02% against the US dollar, making Malaysian palm oil slightly more expensive for buyers using other currencies.
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