- Palm oil prices declined for a second session due to weaker Malaysian exports and a stronger ringgit
- Malaysia's palm oil shipments fell 20% in the first 20 days of November compared to October
- Exports to Africa halved and sales to the European Union also dropped sharply in November
Palm oil fell for a second session due to waning exports from Malaysia and a stronger ringgit.
Palm oil shipments from No. 2 producer Malaysia dropped 20% during the first 20 days of November compared to the same period a month before, according to Intertek Testing Services. Sales to Africa halved while exports to the European Union also fell sharply.
βIt looks like demand is on a weakening path and likely will last through the whole month,β said David Ng, a senior trader at IcebergX Sdn in Kuala Lumpur. Production is also expected to rise marginally in November, which may further soften prices, he said.
Palm futures were also pressured by a stronger ringgit, making Malaysian sales more expensive to overseas buyers.
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