Palm oil Nov Futures on KLCE traded on a negative note on Wednesday on weak exports, rising inventories during the seasonally higher yield period and mounting stockpiles and settled 1.79% lower.
According to Malaysian Palm oil Board, exports decreased 2.32% in July against June, while palm oil output increased 6.11% and the end stocks increased 1.47%.
Exports of Malaysian palm oil products between Aug 1-25 declined 15.3% to 986,931 tonnes from 1,165,306 tonnes shipped between July 1-25. Malaysia has cut export tax for September to 4.5% from 5% in August.
India's crude palm oil imports increased 48.88% in July to 527,648 tn from 354,401 tn last year.
Outlook
Palm oil futures may trade on a mixed to negative note. Weak edible oil prices and comfortable supplies may keep prices under check. However, festive demand may support prices at lower levels. Prices may also take cues from movement in the Rupee.
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