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SINGAPORE, The price of palm oil contracts sparked worries weakening demand will decrease when entering the months of production increase.
Malaysian palm oil production rose 3% to 1.49 million tons in July, rising for the fifth month, said Malaysian Palm Oil Board. In the first 25 days in August, exports fell 10% to about 1 million tons from the same month, according to an independent surveyor Intertek.
"Industry will be weakened in the short run when production reached its peak," the report ECMLibra Research, which says the average price of 2300 ringgit (U.S. $ 654) per ton this year. These commodities recorded an average 2198 price ringgit this year.
The price of palm oil futures for November delivery fell 2.2% to 2323 ringgit per ton and traded at 2352 ringgit at 11:44 in Malaysia Derivatives Exchange. Indonesia and Malaysia accounted for roughly 90% of world palm oil production.
Price contract for next year is expected to increase, according to ECMLibra. This commodity prices rose 38% this year sparked speculation drought will damage soybean crops in Argentina, Brazil and India. This situation will encourage demand for palm oil.
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