Indian duty hike affects Malaysia palm oil market Malaysian palm oil ends at the low level in the four months and lost futures.. Sluggish export data issued by cargo surveyor Society Generale de Surveillance Malaysia last week also weighed down sentiment in a market desperate for leads. SGS put Malaysian palm oil exports for May 1-25 at 531,507 tonnes, down from 570,091 tonnes in the first 25 days of April. Indian oil industry expects the Government to announce a hike in import duties to curb surging imports. At the close, the benchmark third-position August contract ended 13 ringgit down at 1,041 ringgit ($273.95) a tonne after trading as high as 1,060 ringgit. Turnover was 793 lots as reported by Malaysia market sources. Physical crude palm oil prices were also quoted lower in tandem with futures and slow demand for refined products. June (south) crude palm oil was offered at 1,050 ringgit a tonne against bids of 1,045. It traded between 1,050 and 1,060. Among refined products, June RBD palm oil was offered at $292.50 a tonne freight on board (FOB) and July/Aug/Sep at $300. June RBD palm olein saw offers at $310, with July/Aug/Sep offered at $317.50. |
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