MARKET DEVELOPMENT
Palm Oil Pares Gains
Palm Oil Pares Gains
18/01/2014 (The News International) - Malaysian palm oil futures gave up early gains on Wednesday, hovering near their weakest in more than two months as falling exports stoked fears about a build-up in inventory in the world´s second-largest producer.
Exports of palm oil products from Jan. 1 to 15 fell 28.1 percent to 460,248 tons from 640,240 tons shipped during Dec. 1 to 15, cargo surveyor Intertek Testing Services said.
Another surveyor, SGS, will issue its data later in the day. The benchmark March contract on the Bursa Malaysia Derivatives Exchange hit an intraday high of 2,516 ringgit a ton ($767) but stood at 2,494 ringgit by midday, up just 1 ringgit.
Volumes were moderate at 6,859 lots. The contract, which sets the tone for global prices, fell to 2,486 ringgit on Tuesday, its lowest since Oct. 29, on concerns over rising supply.
Exports of palm oil products from Jan. 1 to 15 fell 28.1 percent to 460,248 tons from 640,240 tons shipped during Dec. 1 to 15, cargo surveyor Intertek Testing Services said.
Another surveyor, SGS, will issue its data later in the day. The benchmark March contract on the Bursa Malaysia Derivatives Exchange hit an intraday high of 2,516 ringgit a ton ($767) but stood at 2,494 ringgit by midday, up just 1 ringgit.
Volumes were moderate at 6,859 lots. The contract, which sets the tone for global prices, fell to 2,486 ringgit on Tuesday, its lowest since Oct. 29, on concerns over rising supply.