Malaysia's crude palm oil prices fell more than 2 percent on Thursday on fears of a weak export performance for the first half of this month.
Two cargo surveyors are due to give estimates on Friday for Malaysian palm oil exports for December 1-15, with the market speculating shipments could be down by up to 28 percent to around 476,000 tonnes from the first half of November, traders said.
"The market is down today in anticipation of a bearish report tomorrow," one Malaysian trader said. The benchmark third-month February contract ended down 46 ringgit at 1,855 ringgit a tonne after trading between 1,854 ringgit and 1,914 ringgit.
Other traded contracts were down five to 51 ringgit as 13,180 lots of 25 tonnes each were traded. "The thing is that we've had bearish reports. First thing is the MPOB report for the last month figures," another Malaysian dealer said. "Also, we have a bearish report for the first ten days export figures."
On Tuesday, the Malaysian Palm Oil Board (MPOB) reported an unexpected 5.03 percent rise in November stocks. This week, cargo surveyors SGS and ITS both estimated exports fell more than 30 percent in the first 10 days of December compared withh the same period in November.
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