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Palm oil falls to 11-week low on weak exports, rising output
JAKARTA: Malaysian palm oil futures closed at their lowest in 11 weeks on Thursday, pressured by weakness in Chicago soyoil prices and concerns over softer September exports and rising production. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange lost 57 ringgit, or 1.24%, to 4,553 ringgit ($1,115.11) a metric ton at the close. “Although external markets were supportive, local sentiment remained bearish as production rose sharply, exports slowed and inventories were expected to exceed 3 million tonnes,” a Kuala Lumpur-based trader said. Soyoil pri...
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