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June 16, 2006
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Friday
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Jumadi-ul-Awwal 19, 1427
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Palm oil prices lower
NEW DELHI, June 15:Malayian crude palm oil futures ended marginally lower on Thursday due to lacklustre exports and a decline in the priceof soyaoil, dealers said.
Exports of Malaysian oil palm products for June 1-15 stood at 486,593 tons, down 7 per cent from the 527,713 tons shipped in the same period in May, cargo surveyor Societe General de Surveillance said.
Traders said the data was disappointing as the market had expected exports of around 600,000 tons during the period.
It is not an exciting number, production is rising and we expected June to be a good month for exorts, one dealer said.
The benchmark third-month August contract on the Bursa Malaysia Derivatives exchange recovered marginally from a midday fall but still ended 1 ringgit lower to 1,451 ringgit ($397) a ton. Itwas down 4 ringgit at midday.—Reuters
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