Mumbai, 10 Sep (Commoditiescontrol): Malaysian crude palm oil (CPO) futures opened lower on Tuesday, extending their losses from the previous session as the market awaited key production and inventory data.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange declined by 8 ringgit, or 0.21%, to 3,887 ringgit ($891.10) per metric ton in early trading.
Traders are closely watching for the Malaysian Palm Oil Board (MPOB) report due later in the day. Market expectations suggest that Malaysia's palm oil inventories could have risen to a six-month high by the end of August, driven by sluggish export demand, according to a Reuters survey.
Amspec Agri estimated that August palm oil exports reached 1,376,412 tons. However, Indonesia, the world's largest palm oil exporter, is planning to lower export duties in a bid to enhance its global competitiveness and support farmers' incomes.
Meanwhile, Malaysian palm oil product exports fell by 9.9% last month, totaling 1,445,442 tons compared to 1,604,578 tons in July, as reported by cargo surveyor Intertek Testing Services.
Technically, palm oil prices may retest the support level at 3,856 ringgit per metric ton. A break below this level could trigger a further decline to 3,833 ringgit.
(By Commoditiescontrol Bureau: 09820130172)
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