Palm Oil Falls on Weak Malaysia Exports, Competition With Soyoil
Palm oil fell on concerns about weak Malaysian exports and stiff competition from its main substitute, soybean oil.
Overseas shipments from Malaysia were 8.3% lower during the first 20 days of December from a month earlier, according to data from cargo surveyor Intertek Testing Services. Exports to India, the biggest buyer, slid almost 22%. Demand tends to drop during winter because it solidifies at colder temperatures.
Palm oil also continues to trade at a rare premium to soybean oil.
Weaker Malaysian exports and palm’s waning competitiveness is undermining sentiment, said Sathia Varqa, an analyst at Fastmarkets Palm Oil Analytics in Singapore. Some traders are also taking profits and squaring of positions ahead of the Christmas and year-end holidays, he added.
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