Palm closes down more than 3.0pc

JAKARTA, Dec 10 (Reuters): Malaysian palm oil futures closed lower on Tuesday after data from the industry regulator showed adrop in Malaysian stockpiles, production and exports.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange lost 165 ringgit, or 3.22 per cent,to 4,955 ringgit ($1,119.52) a metric ton at the close.

Malaysia's palm oil stockpiles dropped for a second consecutive month in November, falling 2.6 per cent from the prior month to 1.84 million tons, data from the Malaysian Palm Oil Board (MPOB) showed on Tuesday.

The drop in inventories could fuel the rally in benchmark futures. Crude palm oil production declined 9.8 per cent to its lowest level for the month in four years to 1.62 million tons, while palm oil exports plunged 14.7 per cent to 1.49 million tons.

Dalian's palm oil contract fell 2.25 per cent,while its most active soyoil contract inched higher 0.03 per cent.The Chicago Board of Trade's soyoil contract fell 1.61 per cent.