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JAKARTA: Malaysian crude palm oil futures fell more than 2 per cent on Tuesday, as investors sold on concerns over the outlook for prices after a bearish forecast from a top industry analyst on rival soybean stocks, traders said.
The benchmark May crude palm oil futures on the Bursa Malaysia Derivatives Exchange ended down 59 ringgit, or 2.18 per cent, at 2,650 ringgit a tonne on the day.
Overall traded volume was 10,742 lots at 25 tonnes each. Palm oil futures on the Bursa Malaysia Derivatives Exchange are forecast to trade between 2,600 and 2,800 ringgit a tonne in March-July on high global vegetable oil stocks due to large soybean oil supplies from South America, Dorab Mistry of India's Godrej Industries Ltd said in his forecast.
Soyoil March contract at the Chicago Board of Trade eased 0.5 per cent while most traded September soyoil futures in Dalian Commodity Exchange gained 0.66 per cent.
Producers in Medan, home to Indonesia's main palm oil export port of Belawan, sold crude palm oil at 7,790-7,800 rupiah per kg on Tuesday. Producers did not hold any palm oil auctions on Monday.
Refiners in Jakarta sold refined, bleached, deodorised (RBD) palm oil, used as cooking oil, at 8,250 rupiah per kg, against 8,200 rupiah per kg on Monday. -Reuters |