KUALA LUMPUR, March 6: Malaysian palm oil futures bounced back from four-month lows on Thursday as buyers returned to a market dented a day earlier by a lack of leads.
But trade was generally restrained with players awaiting latest crop estimates from market guru Ivan Wong, due on Friday.
Business for the day was at 5,060 lots compared with Wednesday’s volume of 14,003 lots.
The benchmark third-month futures, May, ended nine ringgit up at 1,527 ringgit ($401.84) a ton, off the day’s high of 1,536. It touched a four-month low of 1,518 the previous day.
It’s a correction alright but the problem is people are nibbling, not really biting, said a dealer.
In trading of physical palm oil, sellers offered the March and April contracts as high as 1,560 ringgit up 20 ringgit from Wednesday. Bids came in as low as 1,550.
Both contracts were traded from 1,565 to 1,555 at the close in the southern region and between 1,555 and 1,550 in the central zone.—Reuters
