Palm oil swung between gains and losses amid persistent concerns over weaker demand and lower Malaysian production. The tropical oil tracked gains in external markets during the opening session but retreated later as poor demand continues to weigh on overall sentiment, said an analyst. Traders in India, Pakistan, and the Middle East have done lots of buying in the previous month, he said. Malaysia’s palm oil exports fell almost 19% between Jan. 1-25 from a month earlier, according to Intertek Testing Services. AmSpec Agri data showed shipments dropped 24%. However, lower estimates on production in the second-largest grower Malaysia could boost prices going forward, he said. Malaysian output likely declined 13% during Jan. 1-20 from a month earlier, according to estimates from the Malaysian Palm Oil Association, the country’s main growers group. (Source:Bloomberg).
