Palm oil slips to three-week low, logs weekly decline

KUALA LUMPUR: Malaysian palm oil futures closed at their lowest in three weeks on Friday, marking a weekly drop, because the oilseed tracked losses in rival Dalian edible oils.

The benchmark palm oil contract for Could supply on the Bursa Malaysia Derivatives Trade slid 107 ringgit, or 2.54%, to 4,098 ringgit ($907.04) a tonne, its lowest since Feb. 17. For the week, palm misplaced 5.8%, snapping a four-week acquire.

Providing some help, exports from Malaysia throughout March 1-10 surged between 45.3% and 52.1% from the identical interval in February, cargo suveryors mentioned.

Malaysia’s end-February palm oil inventories tumbled 6.6% to 2.12 million tonnes from prior month, its lowest in six months, information by the Malaysian Palm Oil Board (MPOB) confirmed.

Manufacturing declined 9.35% from January to 1.25 million tonnes, whereas exports slipped 1.99% to 1.11 million tonnes, MPOB mentioned.

Malaysia end-Feb palm oil shares shrink to 6-month low as output plummets

Russia mentioned on Thursday {that a} landmark deal to make sure the protected export of grain from Ukraine’s Black Sea ports was solely being “half-implemented”, elevating doubts about whether or not it will permit an extension of the settlement as a consequence of expire subsequent week.

Dalian’s most lively soyoil contract fell 2.1% whereas its palm oil contract misplaced 1.7%. Soyoil costs on the Chicago Board of Commerce have been down 0.2%.