Palm Oil Futures Decline on Concern Stockpiles May Climb as Exports Ease (Source: Bloomberg)
Palm oil declined on concern that stockpiles in Malaysia, the second-largest grower, may increase as exports slow after the end of the festival season. The November-delivery contract dropped 1.1 percent to 3,018 ringgit ($1,013) per metric ton on the Malaysia Derivatives Exchange. Futures gained 2.5 percent last week, the first increase in six weeks. Shipments from Malaysia may ease as importers stocked up ahead of the Muslim festival of Eid, celebrated last week. Malaysia’s palm oil exports fell 0.6 percent to 1.62 million tons in August compared with the previous month, independent market surveyor Intertek said Sept. 2. Shipments dropped 0.5 percent in the month, Societe Generale de Surveillance estimated on Aug. 29.
New frontier palm oil players look to RSPO
JAKARTA, Sept 5 (Reuters) - African and South American palm oil players are flocking to join the Roundtable on Sustainable Palm Oil (RSPO), highlighting a growing trend of the industry's rapid expansion outside main producing region Southeast Asia, the body's head said on Monday.
The industry group sees countries such as Gabon, Nigeria and Brazil ramping up production in coming years, as the land expansion of plantations in Malaysia has reached a natural ceiling and Indonesian growth has been slowed by a freshly inked two-year moratorium on forest clearance.
Palm oil slips in light trade, U.S weather eyed
KUALA LUMPUR, Sept 5 (Reuters) - Malaysian palm oil futures slipped with few leads as U.S. markets were shut for a holiday although investors feared hot and dry weather might slash soy crop yields in the Midwest and spur demand for the Asian edible oil.
"Palm oil traders are clearly watching for any developments in the U.S. Midwest as worse weather could prompt buyers to look at sourcing palm oil," said a trader with a foreign commodities brokerage.
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