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Malaysian palm oil futures saw its sharpest daily decline in six weeks on Monday, reversing earlier gains after the market turned bearish ahead of export data from cargo surveyors.
The data, due on Tuesday, is expected to show slowing growth in exports for the January 1-15 period, compared to January 1-10 when it surged by around 50 per cent, said a Kuala Lumpur-based trader.
“It (preliminary data) suggests a slowdown in exports,” she said.
The benchmark palm oil contract for a March delivery on the Bursa Malaysia Derivatives Exchange closed down 1.6 per cent at 2,136 ringgit ($521) a tonne, its lowest level since January 2.
Trading volumes totalled to 39,215 lots, each of 25 tonnes. Malaysian palm oil exports rose by between 46-52 per cent between January 1-10, according to cargo surveyor data, supported by better demand from Europe.
In other related oils, the Chicago March soybean oil contract edged down 0.4 per cent, while the May soybean oil contract on the Dalian Commodity Exchange rose 0.3 per cent.
Meanwhile, the Dalian January palm oil contract dropped six per cent.
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