KUALA LUMPUR, Nov 19: Malaysia’s crude palm oil futures recouped earlier losses due to late short covering on Tuesday, but the market outlook remained uncertain as players braced for a slow down in exports.
Key importers such as India, China and Pakistan are likely to buy less palm oil in November because those countries are harvesting their own oilseed crops, they said.
By the close, the new benchmark third-month February futures contract gained four ringgit to 1,576 ringgit ($414.74) a tonne after trading as low as 1,552 ringgit, just above the crucial support level of 1,550 ringgit.
Overall volume was heavy at 5,609 lots.
Traders said November palm oil exports from Malaysia, the world’s largest producer, were likely to be 900,000 to 950,000 tons, down from 1.12 million tons in October.
Indonesia was projected to export 600,000 tons of edible oils, which include palm and coconut oil, in November compared with 717,721 tons in October, they said.—Reuters
