Palm Slips from 7-Weeks High
Malaysian crude palm oil futures fell 0.6 per cent today, easing from more than 7-week highs hit last week, on fears of growing stockpiles although a surge in palm oil exports curbed further losses.
Traders expect palm oil stocks in Malaysia, the worldís No 2 supplier, may rise at least 10 per cent this month from 1.5 million tonnes, due to a seasonal peak in output, possibly outpacing a recovery in exports.
The drop in crude oil below US$80 a barrel today limited some gains for vegetable oil markets on worries global energy demand may not be sustainable at these price levels.
The benchmark January contract on the Bursa Malaysia Derivatives Exchange fell RM13 to RM2,225 per tonne by midday.
On Friday the market ended up RM2,243, a level unseen since September 3.