Palm oil futures capped a weekly decline as production in No. 2 grower Malaysia picks up. Output in Malaysia’s southern peninsula rose 17% in April compared with a month earlier, said Abdul Hameed, director of sales at Manzoor Trading Co. in Lahore, Pakistan, citing figures from the Southern Peninsular Palm Oil Millers Association. That could cause stockpiles to swell, weighing on prices, Hameed said. Exports are also gaining, although it may not be fast enough to keep pace with rising supply. Malaysian shipments climbed about 5% in April versus the prior month, according to Intertek Testing Services. Data from AmSpec Agri, another surveyor, showed exports grew 3.6% in the same period. “Importers remain cautious due to oversupply of vegetable oils and unstable prices,” Hameed said. (Source:Bloomberg)
