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. India's
palm oil imports in April fell 30% from a month earlier to hit a 14-month low, as its premium over rival soft oils prompted price-sensitive buyers to shift to sunflower oil and soyoil, five dealers said.
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. Soyoil prices on the Chicago Board of Trade fell 0.5%. 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.
Russia's Foreign Ministry said on Wednesday that proposed
talks between Russia, Ukraine and Turkey on the Black Sea grain
deal on May 5 have not yet been agreed, Russian media reported.
($1 = 4.4500 ringgit)
(Reporting by Mei Mei Chu; editing by Uttaresh Venkateshwaran
and Sohini Goswami)
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* 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 ))
