Crude palm oil futures on Malaysia's derivatives exchange ended lower Tuesday as higher stocks and rising production weighed on prices, even as exports performed above expectations.
The benchmark January contract on the Bursa Malaysia Derivatives ended MYR24 lower at MYR2,242 a metric ton after trading in a range of MYR2,235-MYR2,285/ton.
Prices traded higher in the morning session as palm oil exports during the Nov. 1-10 period performed better than expected.
Malaysia's palm oil exports during the period were up 19%-22% on month due to higher volumes being shipped to the E.U., Pakistan and India, according to data from two cargo surveyors.
Cargo surveyor Intertek estimated Malaysia's palm oil exports at 403,302 tons, up 19% on month.
Another cargo surveyor, SGS (Malaysia) Bhd., estimated exports at 421,311 tons, up 22% on month.
The export estimates came in above market expectations of a 14%-16% rise in shipments to 394,000 tons.
But the increase in export volume failed to prevent CPO prices from falling into negative territory as record high production pushed stock levels to a new high.
Malaysia's October palm oil output rose 27% compared with September, to 1.99 million tons, the highest monthly output on record, said the Malaysian Palm Oil Board.
Palm oil stocks rose 25% on month to a 10-month high of 1.98 million tons at the end of October.
The October stock level was well above market expectations of being in a range of 1.75 million to 1.80 million tons.
However, prices didn't fall too much despite the bearish news.
"Prices seem well supported at the MYR2,230 level. In fact, the selling pressure during afternoon trade was a fairly muted reaction, as there was no panic selling," said a Kuala Lumpur-based trader.
Cash palm olein for January/February/March was offered at $702.50/ton.
Cash CPO for prompt shipment was offered unchanged at MYR2,180/ton.
A total of 11,963 lots of CPO were traded on the BMD, versus 9,955 lots Monday.
Open interest stood at 94,207 lots Tuesday, up from 94,014 lots. One lot is equivalent to 25 tons.
Closing BMD Crude Palm Oil (CPO) futures prices in MYR/ton at 1032 GMT:
Month Close Previous Change High Low
Nov 09 2,176 2,200 Dn 24 2,180 2,175
Dec 09 2,224 2,250 Dn 26 2,254 2,210
Jan 10 2,242 2,266 Dn 24 2,285 2,235
Feb 10 2,259 2,285 Dn 26 2,298 2,256
-By Fawziah Selamat, Dow Jones Newswires; +62 21 3983 1277; fawziah.selamat@dowjones.com
(END) Dow Jones Newswires
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