KUALA LUMPUR: Malaysian palm oil futures saw its sharpest daily decline in six weeks on Monday, reversing earlier gains after the market turned bearish ahead of export data from cargo surveyors.

The data, due on Tuesday, is expected to show slowing growth in exports for the Jan. 1-15 period, compared to Jan 1-10 when they surged by around 50 per cent, said a Kuala Lumpur-based trader. “It (preliminary data) suggests a slowdown in exports,” she said.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed down 1.6pc at 2,136 ringgit ($521) a tonne, its lowest level since Jan 2. Trading volumes totalled 39,215 lots of 25 tonnes each.

Published in Dawn, January 15th, 2019