Palm oil lower
KUALA LUMPUR: Palm oil futures fell to their lowest in almost a week on Monday as expectations of a pick-up in output offset improving export demand.
Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange fell 0.5 per cent to 2,565 ringgit per tonne at noon. It reached an intraday low of 2,533 ringgit, its lowest since Aug. 16. Traded volumes stood at 23,272 lots of 25 tonnes each at the midday break.
Palm gained over the past three weeks on Malaysian exports, which according to cargo surveyor Intertek Testing Services rose 25.6pc between Aug. 1-20 versus the same period in July.
Tight supplies due to the impact of dry weather linked to an El Nino weather pattern also aided prices.
Published in Dawn, August 23rd, 2016