BMD CPO Hits 3-Wk Low; May Fall More On Weak Exports

23 Jul 2012

BMD CPO futures fall midday to the lowest level in 3 weeks, reflecting worries about global economic growth and weak palm oil exports.  "Renewed debt worries in Europe and bearish external markets will further weigh on palm oil, with selling pressure to drag the market to MYR2,950/ton later in the day," a commodities broker in Jakarta says.  Benchmark October CPO is down 1.9% at MYR2,983/ton, after falling to MYR2,980/ton, the lowest since June 28.