Breaking News-RTRS-Middle East, China Buyers Default On Palm Oil Buys

KUALA LUMPUR (Dow Jones)--Buyers in China and the Middle East have defaulted
on the purchases of more than 100,000 metric tons of palm oil after the latest
slump in prices, trade executives said Tuesday.
"Importers in the Middle East have reneged on a contract for September
shipment of around 30,000 tons of palm oil," said a Jakarta-based trading
executive.
He said the shipment was for volumes purchased by a few buyers but for
delivery in a single cargo.
There have also been defaults by buyers in China during the last few days, to
the extent of at least 50,000 tons, he added.
Traders said there are many other such instances, but details weren't
immediately available.