Palm oil futures ended higher on Wednesday due to forecasts of lower production in the world’s second-largest producer, despite estimates of shrinking June exports keeping the contract near six-week lows. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed up 18 ringgit, or 0.47%, to 3,877 ringgit ($823.14) a metric ton, but hovered near its lowest since May 17.
The contract had earlier declined as much as 0.75%. The Malaysian Palm Oil Association forecasted that production during June 1-20 would decline by 6.3% from a year ago, according to traders and analysts. Additionally, exports from Malaysia remain weak, with cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia estimating on Tuesday that shipments during June 1-25 likely fell between 16.1% and 16.9% compared to the same period in May.
Dekel Agri-Vision PLC (LON:DKL) aspires to become a leading agro-industrial company in West Africa, one that creates value for shareholders whilst at all times placing the interests of the local communities and environment in which it operates in at the heart of its operations.
