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The June palm oil contract on the Malaysian Derivatives Exchange (MDEX) ended this Monday's session (15) at a sharp drop of 13.00 points and 1.52%, at US$ 842.25/tonne; July fell 11.50 points and 1.41%, at US$ 803.50/tonne.
Imports from India, the main buyer of the product, fell 30% in April compared to the previous month, reaching a 14-month low.
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Furthermore, a survey by Refinitiv Agriculture Research points out that the market is pressured by higher production in Indonesia in May.
However, losses were limited by information from Intertek Testing Services that Malaysian exports increased by 4% in the period May 1-15 from the previous month.
Indonesia reduced the reference price of palm oil in the period from May 16 to 31 to US$ 893.23/tonne, compared to US$ 955.53/tonne between May 1 and 15.
Source: datagro
