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KUALA LUMPUR, May 21: Malaysian palm oil futures lost their footing at the close on Wednesday, hit by crop data and speculative selling, traders said.
By the close, the benchmark third-month futures contract, August had lost one ringgit to 1,420 ringgit ($373.68) a ton after trading as high as 1,430 ringgit. Overall volume was heavy at 6,078 lots.
There’s a tug-of-war, said one dealer. Some bullish players have tried to push up the market, but there are other players who are against them. I think some people are trying to prevent prices from trading below 1,400 ringgit support. —Reuters
