China defaults on 40,000 t palm oil -exporters
SINGAPORE, Aug 15 (Reuters) - Chinese buyers have defaulted on at least 40,000 tonnes of RBD palm olein after a drop of more than 8 percent in prices on Friday, Malaysian exporters said.
"There is a default of 30,000 to 40,000 tonnes since morning today, but obviously defaults will be much more than that as prices have come down from 2,600 ringgit, to the 2,400 ringgit level," said one dealer at a leading export house.
Another Kuala Lumpur trader added more than 100,000 tonnes of contracts would be washed out as importers would be reluctant to take delivery after the price fall. (Reporting by Naveen Thukral; Editing by Clarence Fernandez)
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