February 18, 2009 3:00 GMT+8Malaysian crude palm futures dropped for the second day in a row yesterday, to finish at a one-week low amid concerns over weaker exports, traders said.
“I think the market is expecting the end stocks this month could rebuild above the January figure because of slow exports, unless production drop sharply,” a trader at a Malaysian commodities brokerage said.
The benchmark May contract fell RM27, or 1.4 per cent, to RM1,895 per tonne, the lowest level since February 10. Other traded contracts were mostly lower, falling between RM6 and RM30. Overall volume was 21,477 lots of 25 tonnes each. Prices of the tropical oil have been steadily climbing from the October 28 low of RM1,331, but have failed to hold above the key resistance level of RM2,000 amid concerns over prospects for demand.
Cargo surveyor Societe Generale de Surveillance said on Monday exports of Malaysian palm oil products for Feb. 1-15 fell 13.4 per cent to 494,172 tonnes from 570,602 tonnes shipped between Jan. 1 and 15.
“I guess the market was overdone when it moved to the RM2,000 level recently and the current fundamentals could not sustain the rally,” the same trader said. - Reuters
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