KUALA LUMPUR: Malaysian palm oil futures ended lower on Friday, reversing gains in the morning session to post their fourth straight weekly loss, as weaker-than-expected export data and jitters over rising global oilseed supply dragged.

Cargo surveyor Societe Generale de Surveillance reported that exports of Malaysia’s palm oil products for July 1-25 fell 1.6 per cent to 1,078,253 tonnes compared to a month ago, as demand from the United States and China lagged.

Intertek Testing Services, another cargo surveyor, reported exports for the same period were up 3.4pc from a month ago, losing steam from bigger volumes of overseas sales earlier this month. “There are some worries demand will be bad.

The benchmark October contract on the Bursa Malaysia Derivatives Exchange had edged down 0.7pc to 2,265 ringgit ($714) per tonne by the day’s close. Prices fell 1.9pc this week, recording their fourth weekly loss and a near 7pc drop for the month.

Total traded volume stood at 24,488 lots of 25 tonnes, compared with the daily average of 35,000 lots.

In competing vegetable oil markets, the US soyoil contract fell 0.4pc in late Asian trade, while the most active soybean oil contract on the Dalian Commodities Exchange shed 0.3pc.

Published in Dawn, July 26th, 2014