Palm oil prices dropped this week as traders remained concerned about the tropical oil’s demand in January. Buyers may be waiting for prices to fall further before
snapping up cargoes ahead of the Muslim fasting month of Ramadan, which begins in March, said Sathia Varqa, an analyst at Fastmarkets Palm Oil Analytics in Singapore.
Palm oil exports from the second-biggest grower Malaysia fell more than 15% during the first half of January from a month earlier, according to cargo surveyor Intertek Testing Services. AmSpec Agri data showed overseas shipments dropped almost 24% in the same period. (Source: Bloomberg)
