For the month, palm logged a 10.8% fall, its sharpest since
September.
The crude palm oil market is hitting a low on uncertain
Indonesian policies and slack demand, said Sandeep Singh,
director at The Farm Trade, a Kuala Lumpur-based consulting and
trading firm.
Bearish soy and soft oils prices, which are at par or
even lower than palm oil at destination markets, also weighed on
prices, he added.
Indonesia will lower its mandatory domestic sales threshold for palm oil producers to 300,000 tonnes a month starting in May, the Trade Ministry said on Thursday, allowing more shipments of the widely used oil to leave the country. In Malaysia, exports during April 1-20 fell 20.3% from the month before, according to cargo surveyor Societe Generale de Surveillance.
Dalian's most-active soyoil contract fell 1.2%, while its palm oil contract lost 1.6%. Soyoil prices on the Chicago Board of Trade were up 0.02%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. ($1 = 4.4580 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Mei Mei Chu; Editing by Sonia Cheema and Sohini Goswami)
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