SINGAPORE (Reuters) - Malaysian palm oil futures inched down on Friday on expectations of lower exports and were set for their biggest weekly decline in two months.
FILE PHOTO: A worker unloads palm oil fruit bunches from a lorry inside a palm oil mill in Bahau, Negeri Sembilan, Malaysia January 30, 2019. REUTERS/Lai Seng Sin
The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange was 0.2% lower at 2,717 ringgit ($651.56) per tonne in early trade. The contract is down 1.4% so far this week, on track for its biggest weekly drop since late September.
The weakness was due to worries that exports in November were lower than the month before, a Kuala Lumpur-based trader told Reuters.
Exports of the commodity are expected to be lower as India looks to soy and sunflower oil amid higher palm prices, which are up 28.5% so far this year.
But increased buying from China for the upcoming Lunar New Year will offset much of the drop and any fall in exports will be marginal, the trader said.
Malaysian palm oil futures had firmed more than 1% on Thursday after Indonesia announced its plan for a biodiesel push to reduce fossil fuel use by 165,000 barrels per day (bpd) and as supply outlook dimmed.
Also dragging prices was a stronger ringgit, which rose 0.1%, making the edible oil more expensive for holders of foreign currencies.
However, losses were capped by costlier rival oils on the Dalian Commodities Exchange.
Palm oil is affected by price movements in related oils as they compete for share in the global vegetable oils market.
Dalian’s January palm oil contract rose 1%, while the soyoil contract edged up 0.3%.
Palm oil may rise into a range of 2,760-2,818 ringgit per tonne, as it has cleared a resistance at 2,713 ringgit, said Reuters analyst Wang Tao.
Reporting by Fathin Ungku; Editing by Aditya Soni
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