Malaysian palm oil falls on sluggish demand, higher supply
MG News | August 08, 2023 at 11:42 AM GMT+05:00
August 08, 2023 (MLN): Malaysian palm oil fell on Thursday as the market weighed on sluggish demand and expectations of higher supply in Malaysia, the world's second-largest producer.
The benchmark palm oil contract is down by 0.98% to 3,735 ringgit a tonne.
The market is on the back foot on lackluster demand with key market India well covered for August, while seasonality production is picking up in Malaysia, said Mitesh Saiya, trading manager at Mumbai-based firm Kantilal Laxmichand & Co, as Rueters reported.
Malaysia's palm oil inventories at the end of July likely rose to a five-month peak as higher production outweighed an increase in exports.
Investors await data from the Malaysian Palm Oil Board scheduled for Thursday.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
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