Malaysian palm oil futures fell over 1%, hovering below MYR 3,970 per tonne and slipping for the first session in four amid weakness in rival edible oils. The contracts retreated from a more than nine-week peak of over MYR 4,000 notched last week, as data from the Malaysian Palm Oil Board indicated that exports dropped by 5.12% to 1.33 million at the end of December. Capping the decline was a weakening ringgit and a climb in crude oil prices due to a deepening Middle East conflict. Meantime, demand from key buyer China could strengthen after the Lunar New Year Festival in February as its palm inventories have decreased. On cargo surveyors’ data, Malaysian palm oil product exports for Jan. 1-25 rose 0.64% to 1,064,778 tons, according to Intertek Testing Services. However, shipments during the period likely fell by 8.5% to 1,006,930 metric tons, AmSpec Agri Malaysia said.
