Market News : (Btrams ) Malaysian palm oil futures were trading below the MYR 4,100 per tonne mark as weaker rival vegetable oil prices and a stronger ringgit prompted some profit-taking.
At the same time, Indonesia’s exports remain more competitive than Malaysia’s, following the former’s extended palm oil levy waivers. Still, fundamentals in the palm oil complex continued to be supported by somewhat sluggish production and strong export demand.
“As per this current senario We are analsysing that palm oil price will slumps more upto 3,500 Ringgint Per tonne and will trade between 3,500 – 4,000 Per Toone”
Malaysian palm oil trading output will likely drop by 5% to 8% in November from the previous month, as heavy rains and floods prevented the harvesting and transport of palm fruit in several producing regions, according to United Plantations Bhd.
On top of that, data showed that shipments from Malaysia jumped 2.9% in November from the prior month, primarily due to higher sales to China and India.