The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was last down 0.3% at 1,951 ringgit ($472.28) per tonne at the close of trade. Palm oil looks neutral in a range of 1,944-1,966 ringgit per tonne, and an escape could suggest a direction, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
KUALA LUMPUR: Malaysia’s palm oil stocks likely fell to a six-month low by end-April, according to a Reuters survey, recording a second straight month of declines as a slight gain in exports outpaced a dip in production.
Stockpiles in Malaysia, the world’s second-largest palm oil producer and exporter, likely lost 5% from March to 2.77 million tonnes in April, according to the median estimate of eight planters, traders and analysts polled by Reuters. That would be the lowest level since October.Easing stockpiles would help prop up benchmark prices of the edible oil, which have lost nearly 5% so far this year.
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