BEIJING/SINGAPORE, Aug 12 (Reuters): Malaysian palm oil futures ended lower on Monday, ending a two-session rise as softening exports in early August and a stronger ringgit outweighed tightening inventories.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange closed 38ringgit, or 1.01 per cent, lower at 3,709 ringgit ($833.48) a metric ton.
Exports of Malaysian palm oil products during Aug. 1-10 fell 17.7 per cent from a month earlier, independent inspection company AmSpec Agri Malaysia said on Saturday.
Another cargo surveyor, Intertek Testing Services, said exports during the same period fell 12.2 per cent.
Malaysia's palm oil inventories at end-July fell 5.35 per cent from the previous month, the first drop in four months, data released by the Malaysian Palm Oil Board (MPOB) showed.
Crude palm oil output in the world's second largest producer rose 13.97 per cent from June, while exports rose 39.92 per cent.
"The macro vegetable oil market looks weak and that will cap any major recovery in prices added with the strength in the ringgit," said Lingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.
Dalian's most active soyoil contract was down 0.29 per cent, while its palm oil contract was flat. Soyoil prices on the Chicago Board of Trade fell 1.48 per cent.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
LSEG Agriculture Research said in a note the contract may rise this week towards the resistance levels of 3,850-3,870 ringgit per ton this week, with support at 3,680-3,700 ringgit.
