Malaysian palm oil futures were below MYR 3,850 per tonne, reversing from modest gains in the prior session amid weakness in rival oils on the Dalian Commodity Exchange and further retreats in crude oil prices. Concerns over weak exports also grew after cargo surveyor Intertek Testing Services reported that shipments of Malaysian palm oil products for Feb. 1-25 sank 10.7% from the same period in January to 951,409 metric tons. Further, traders took a cautious stance ahead of PMIs readings for February in key buyer China later this week. Limiting the fall were bets of robust demand ahead of the Ramadan fasting month. Separately, an extended fall in production may occur in February due to unfavorable weather in top-producing countries, including Indonesia and Malaysia. Meanwhile, the Feb 1-20 output data will be published later this week, which is projected to fall and could support prices.
