Palm oil futures on the Bursa Malaysia Exchange ended slightly lower on Tuesday August 13 due to light profit-taking amid expectations for softer demand for palm oil in August and rising production offsetting a decline in Malaysia’s July palm oil stockpiles.
Benchmark October palm oil futures settled at 3,690 ringgit ($828.45) per tonne, down by 18 ringgit per tonne from a close of 3,708 ringgit per tonne on Monday August 12.
Malaysian palm oil stocks were down by close to 5.5% on the month to 1.73 million tonnes in July, data issued on Monday by the Malaysian Palm Oil Board (MPOB) showed.
At the same time, palm oil exports surged during the month, with shipments reaching 1.69 million tonnes — up by close to 40% from June to the highest level recorded for the month since 2020.
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11.08.2024
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