KUALA LUMPUR: Malaysian palm oil futures fell to their lowest levels in two weeks, dropping for a third session in four as stockpiles remained high and exports came in weaker than forecast.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was down 0.9 per cent at 2,142 ringgit ($521.42) a tonne at the close, its sharpest daily decline in three sessions. It earlier fell to an intraday low of 2,140 ringgit, its weakest level since April 2.

The market fell 2.8pc last week, but is up 1.7pc so far for the month.

“Stocks still look high,” said a Kuala Lumpur-based trader, adding that inventory levels could still rise in April if exports slow. Data from the Malaysian Palm Oil Board (MPOB) showed March end-stocks dropped 4.6pc to 2.92 million tonnes from February.

Published in Dawn, April 16th, 2019