KUALA LUMPUR (May 3): Malaysian palm oil futures reversed earlier gains to close 1% down on Friday, falling on bearish production outlooks to chart the biggest weekly drop since early November. "Market sentiment is still weak overall," one Kuala Lumpur-based trader said, adding that the industry outlook for production was still bearish. Palm oil production in Malaysia, the second-largest producer behind Indonesia, rose to 1.67 million tonnes in March, up 8.3% from February, the latest government data shows. Palm prices had fallen 3% on Thursday, on weakness in soyoil prices on the Chicago Board of Trade and soft demand sentiment. Malaysia this week said it would defer export duties on crude palm oil for the rest of the year, in an effort to boost exports and expand in new markets.

Source: The Edge Markets May 03, 2019 14:37 UTC