The contract for April delivery retreated as much as 0.5 percent to 2,546 ringgit ($763) a metric ton on the Bursa Malaysia Derivatives and ended the morning session at 2,550 ringgit. Futures declined 3.8 percent in January, the first monthly drop in four.
Shipments from Malaysia declined 11 percent to 1.28 million tons in January from a month earlier, independent surveyor Intertek said yesterday. Exports fell 11 percent to 1.27 million tons in January, SGS (Malaysia) Sdn., said.
“Prices are down due to the weak exports data for January and slower offtake during the festive holidays,” said Ivy Ng, an analyst at CIMB Investment Bank Bhd. in Kuala Lumpur. Markets were shut on Jan. 31 and Feb. 3 for the Chinese new year and a local holiday. China, the second-biggest importer, is shut for the Lunar New Year holidays until Feb. 6.
Stockpiles in Malaysia climbed to a nine-month high of 1.99 million tons in December, according to the nation’s palm oil board. Exports fell for a second month to 1.51 million tons in December, board data showed.
Soybean oil for March delivery was little changed at 37.43 cents a pound on the Chicago Board of Trade, while soybeans gained 0.3 percent to $12.9675 a bushel.
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