KUALA LUMPUR, June 15: Malaysian palm oil prices fell on Wednesday, reversing the uptrend of the last two days, after export estimates for the first half of the month fell short of market expectations.
Palm oil shipments for June 1 to 15 were estimated to have fallen 9.6 per cent to 669,259 tons from the 740,058 tons tracked between May 1 and 15, Societe Generale de Surveillance, the market’s main cargo surveyor, said on Wednesday.
Palm oil inventories officially stood at 1,295,276 tons at end-May, down 12.42 per cent from end-April.
In physical trade of crude palm oil on Wednesday, the June/July contract saw bids close at 1,385 ringgit a ton in Malaysia’s southern region, against offers at 1,390.
In the central region, the two contracts were bid/offered at 1,382.50/1,385 ringgit.
Trades were reported for June only, with final deals valued at 1,390-1,385 ringgit in the south and 1,382.50-1,380 in the central region. —Reuters
