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Malaysia Palm Oil Declines On Better Production Prospect

13 Feb 2017 11:12 am
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MUMBAI (Commoditiescontrol) - Prospects of improving production in Malaysian pushed down crude palm oil futures to a one week low on Monday.

The most active April futures on the Bursa Malaysia Derivatives Exchange (BMD) dropped 0.8 percent at 3,047 ringgit ($685.18) a tonne at the midday break.

Malaysia palm oil production seen higher by 18% during February 1-10 against same period last month. According to South Peninsula Palm Oil Millers Association. Yields have improved by nearly 20 percent as last year's dry weather due to El-Nino is subsidizing.

Increasing output of the tropical oil, as the effects of the crop-damaging El Nino fade out, could ease palm's benchmark prices, which are trading at a more-than-four-year high now.

In other related edible oils, the March soybean oil contract on the Chicago Board of Trade declined as much as 0.5 percent, while the May soybean oil contract on the Dalian Commodity Exchange climbed as much as 0.3 percent.

The May contract for Dalian palm olein dropped as much as 0.3 percent.

(By Commoditiescontrol Bureau; +91-22-40015516)


       
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