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Palm Oil Trade Below 3970 Ringgit, Pressured By Strengthened in the Ringgit

Malaysian palm oil  were below MYR 3,970 per tonne on Tuesday, hovering around a two-week low, pressured by broad strength in the ringgit and tracking the retreat for other vegetable oils.

Crude oil prices also continued to hover around recent lows, easing demand for biofuel feedstock in palm oil. Still, data continues to point to relatively low stocks in Malaysia as export demand picks up.

Foreign purchases from top importer India rose by 29% month-on-month in November as the steeper discount to other vegetable oils made buying of palm oil more profitable.

Also, Malaysian palm oil output is expected to have fallen by 5%-8% in the period, as heavy rains and floods prevented the harvesting and transport of palm fruit in several producing regions, according to United Plantations Bhd

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