Palm slides over 2% on stockpile concerns, set for weekly loss
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange slid 98 ringgit, or 2.05%, to 4,674 ringgit ($1,146.99) a metric tonne by the midday break.
Malaysian palm oil futures dropped over 2% on Friday, with the benchmark December contract slipping 2.05% to 4,674 ringgit per metric ton. The decline was driven by expectations of higher production and weak exports, raising concerns about rising inventories. The contract has fallen 3.1% this week after gaining 1.74% the previous week.
Crude palm oil futures remained negative, despite India reducing import duties on edible vegetable oils, including palm oil. Industry officials warned that Malaysia's stocks could surpass 3.1 million tons by the end of September, potentially extending the weekly loss.
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