JAKARTA, Aug 20 (Reuters): Malaysian palm oil futures slipped on Tuesday, weighed down by weak export data and weakness in Chicago soyoil contract, while stronger Dalian vegetable oils limited losses.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange lost 6 ringgit, or 0.16 per cent, to 3,715 ringgit ($849.14) a metric ton at close.
"Crude palm oil futures traded lower in the afternoon session because of export data. After digesting the information, the market fall back to its trading range of 3,700-3,750 ringgit waiting for further lead," a Kuala Lumpur-based trader said.
Exports of Malaysian palm oil products in Aug. 1-20 dropped between 16.7 per cent and 18.4 per cent from the same period last month, data from cargo surveyor Intertek Testing Services and AmSpec Agri showed.
Dalian's most-active soyoil contract rose 0.9 per cent, while its palm oil contract gained 1.43 per cent.
Palm oil edges lower on weak export data
FE Team | Published: August 20, 2024 22:47:25
Palm oil edges lower on weak export data
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