The September palm oil contract on the Malaysian Derivatives Exchange (MDEX) closed the session this Monday (12) with a strong drop of 10.50 points and 1.22%, quoted at US$ 848.50/ton. The October maturity fell 14.00 points and 1.65%, traded at US$ 832.50/t.
In this trading session, commodity prices were pressured by the drop in exports in the first 10 days of August. According to AmSpec Agri Malaysia, shipments of palm oil products from Malaysia fell by 17.7% compared to the previous month. In the case of the survey by Intertek Testing Service, the drop in the same period was 12.2%.
Meanwhile, Malaysia's palm oil stocks fell 5,35% in July, the first decline in four months, data from the Palm Oil Board (MPOB) showed. In addition, Malaysian palm oil production increased 13,97% in the period, while exports surged 39,92%.
The Malaysian ringgit fell 0.50% against the dollar on Tuesday, making the commodity less competitive for foreign buyers. On the Dalian Commodity Exchange, soybean oil fell 0.29% and palm oil remained flat.
Source: datagro
