Palm oil exports decline 19.47 per cent in December
Malaysian palm oil exports declined 19.47 per cent to 1.21 million tonnes in December compared with November's offake of 1.501 million tonnes, the Malaysian Palm Oil Board announced Monday.
As per reports and market information from our sources,Malaysian palm oil futures ended lower on Monday after hitting more than two-month highs as traders sold following a three-day rally and looked to exports data to set direction.The market was overbought.In the short term, the market is strong and will trade between 3,470 to 3,500 ringgit.The benchmark August crude palm oil contract fell 0.9 percent to 3,408 ringgit after hitting a high of 3,464.The overall traded volume was 16,739 lots of 25 tonnes each, lower than the usual 25,000 lots.Traders are expecting May exports data due on Tuesday to set the market trend after cargo surveyors showed upbeat overseas demand earlier.