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Palm oil ends off 6-week low on weak exports

Source:January 31, 2012 | Reuters Release Date:2012-02-06 358
Food & Beverage
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By Chew Yee Kiat  

SINGAPORE -- Malaysian crude palm oil futures ended largely unchanged on Tuesday after falling near a six-week low as investors fretted about the prospects of weakening demand for the edible oil and uncertainty surrounding the euro zone debt crisis.      

Benchmark April palm oil futures on the Bursa Malaysia Derivatives Exchange ended 0.1 percent lower to close at 3,078 ringgit ($1,013) per tonne. Prices earlier touched3,044 ringgit, a level last seen since Dec. 21.        

Traded volumes were thin at 17,183 tonnes of 25 tonnes each, compared to the usual 25,000 tonnes.           

Cargo surveyor data also pointed to a 12 and 13 percent decline in No. 2 producer Malaysia's palm oil exports for January, weighing on sentiment and limiting trade interest in the futures market that has lost slightly more than 3 percent this month.

"The market's down quite a bit on the back of several factors. Local sentiment was not so good as shown by the export numbers," said a trader with a foreign commodities brokerage in Malaysia.           

Malaysian palm oil exports for January fell close to 12percent to 1.3 million tonnes, in line with market’s expectations, according to cargo surveyor Intertek Testing Services.           

Another cargo surveyor, Societe Generale de Surveillance, reported a similar decline, saying exports for the period fell13 percent to slightly below 1.3 million tonnes.            

Some traders attributed the decline in Malaysian palm oil exports to the shift in orders to top producer Indonesia, which slashed export taxes for processed oils.     

Exports also fell due to a delay by Malaysia in issuing tax-free crNike Air VaporMax 2019

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