KUALA LUMPUR, April 8: Malaysian crude palm oil futures fell half a per cent on Friday, weighed down by losses in rival U.S. soyoil, but trading was light ahead of the next week’s official crop data for March and export estimates for April 1-10. Volume stood at 2,567 lots of 25 tons each, down from Thursday’s 4,401 lots. The market usually sees 6,000 lots or more on a busy day. Dealers said players remained concerned about the supply situation. A Reuters survey on Wednesday showed production of palm oil could have risen as much as 13 per cent in March from February, due to more rains and also working days.
Five Malaysian plantation firms polled by Reuters estimated March production at a median of 1,173,115 tons, against February’s official figure of 1,047,424 million.
In trade of physical crude palm oil on Friday, the April contract saw bids at 1,430 ringgit a ton, against offers at 1,435 ringgit.
Trades were reported at 1,435-1,425 ringgit in the southern region of Malaysia and 1,430-1,425 in the central region.
