Palm oil down to near two-week low

April 13, 2013

Malaysian palm oil futures slipped
Malaysian palm oil futures slipped

Malaysian palm oil futures dropped to a near two-week low in choppy trade on Friday, with no clear guidance from overseas markets and investors worried a bird flu outbreak in China could crimp demand from the world’s second largest edible oil buyer. “Soyabean is one of the key ingredients in chicken feed and China is among the world’s biggest grains buyer,” Phillip Futures said in a note on Friday. “If H7N9 gets much (more) serious, commodities market might be affected.”

The benchmark June contract on the Bursa Malaysia Derivatives Exchange fell 0.3 percent to 2,345 ringgit ($770) per tonne by Friday’s close, posting its third straight weekly loss with a decline of 0.6 percent this week. Prices were rangebound between 2,336 and 2,367 ringgit, touching a low unseen since April 1. Total traded volumes were thin at 23,752 lots of 25 tonnes each, compared to the average 35,000 lots. In vegetable oil markets, US soyoil for May delivery was almost flat in late Asian trade. The most active September soybean oil contract on the Dalian Commodities Exchange fell 0.7 percent. World Agriculture. Source Reuters

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