Malaysian palm oil futures slipped around 1% of below MYR 3,800 per tonne, falling for the third session in a row while notching their lowest level in 13 weeks, as rival edible oils on the Dalian exchange weakened sharply. The contracts are heading for the fifth consecutive losses for the week, plunging around 1.5%, after monthly data from the industry regulator showed that Malaysia’s exports of palm oil products shrank 6.97 from the prior month to 1.23 million tons at the end of April. Meantime, palm oil output grew by 7.9% to 1.5 million tons while inventories added 1.8%. An extended rise in crude oil prices capped the downside momentum, linked to signs of further recovery in key buyer China as highlighted by upbeat trade data in April. In India, the world’s largest palm oil buyer, commodity purchases soared 41% last month to a three-month peak, with price moderation encouraging refiners to add their buying.
