Malaysian palm oil futures ended higher on Tuesday, as weakening production fuelled optimism that inventories of the tropical oil may be lower than initially expected when final numbers for October are reported. A Reuters survey of industry officials pegs Indonesias inventories at 2.38 million tonnes at end-October from 2.50 million tonnes in September. Traders though said sluggish demand and bumper soybean supplies would limit gains. Crude palm oil output in Indonesia and Malaysia, which together supply about 85 percent of the worlds palm oil, typically weakens towards the year end due to the rainy monsoon season.
Posted on: Wed, 19 Nov 2014 08:30:32 +0000
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