Malaysian palm oil futures fall on adequate stock<\/p>\n
Bloomberg\/Jakarta<\/p>\n
Palm oil futures in Malaysia fell as factories that buy the
\nedible oil have adequate stock to meet their needs for the next
\nfew weeks, said traders and producers.<\/p>\n
\"We have inventory surplus everywhere,\" said Ferdi Gunawan, a
\nmarketing officer at PT Salim Oil Grains, a Jakarta- based palm
\noil producer. \"The market will be bearish for the next two to
\nthree weeks.\"<\/p>\n
Indonesia, Malaysia, China and India have enough palm oil in
\nstock to meet their requirements in the coming weeks, Gunawan
\nsaid. Palm oil stockpiles in Malaysia rose to 1.41 million tons
\nin November, the highest since February 2001, according to the
\nMalaysian Palm Oil Board, a government agency. Indonesia doesn't
\nprovide stockpile data.<\/p>\n
Palm oil futures on the Malaysian Derivatives Exchange for
\nMarch delivery fell 13 ringgit, or 0.94 percent, to 1,374 ringgit
\na ton ($362) at 1:07 p.m. in Kuala Lumpur. The contract last week
\nrose 0.1 percent to 1,387 ringgit amid concern supply from
\nIndonesia could fall after the world's most powerful earthquake
\nin 40 years hit the island of Sumatra.<\/p>\n
Three out of four traders and producers polled by Bloomberg in
\nKuala Lumpur and Jakarta today said they plan to sell palm oil
\nthis week. The fourth said she planned to buy the commodity.<\/p>\n
\"We have increased rainfall in Sumatra, but that's seasonal
\nand temporary. It shouldn't boost prices\" of palm oil, said Salim
\nOil's Gunawan.<\/p>\n
Last week's earthquake and tsunamis aren't expected to have
\nany significant impact on Indonesia's palm oil output, said
\nGunawan.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/malaysian-palm-oil-futures-fall-on-adequate-stock-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}