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BMD CPO futures fall to a two-year low in
early Asian trade, reflecting rising supplies of vegetable oils following higher
USDA soy supply figures.
Also weighing on the palm oil market is "continued
speculative selling combined with seasonal [CPO] production pressure," a vegoil
exporter in Pasir Gudang says, tipping the palm oil contract to fall to
MYR2,400/ton this week, weighed by ample supplies and a 0.7% drop in September
exports to 1.44 million tons by cargo surveyor Intertek.
The benchmark December
CPO is down 2.2% at MYR2,490/ton, after falling 2.7% to MYR2,478/ton, a level
not seen since August 2010; CBOT October soyoil dips 1.7% to 51.74 cents/lb in
screen trade.
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