Palm is facing pressure from external markets and tracking losses in rival soyoil, said Mitesh Saiya, trading manager at Mumbai-based trading firm Kantilal Laxmichand & Co.
In top buyer India, demand is still not picking up as prices of rival oils, including local oils such as rice bran oil, are competitive compared with palm, he added. Malaysia's palm oil exports for April were down 18% from the previous month, cargo surveyor Intertek Testing Services said on Monday. Another cargo surveyor, AmSpec Agri Malaysia, recorded a 21% decline in shipments. Unattractive palm prices versus rival vegetable oils and well-stocked destination markets have curtailed buying appetite for palm oil, Refinitiv Agriculture Research said in a note late Tuesday. Soyoil prices on the Chicago Board of Trade fell 0.2%. The Dalian exchange was closed for a public holiday.
Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
($1 = 4.4570 ringgit)
(Reporting by Mei Mei Chu; editing by Uttaresh Venkateshwaran
and Sohini Goswami)
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets.
* Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils Malaysian palm oil exports CBOT soyoil futures CBOT soybean futures Indian solvent Dalian Commodity Exchange Dalian soyoil futures Dalian refined palm oil futures Zhengzhou rapeseed oil European edible oil prices/trades ))
