KUALA LUMPUR, Sept 18: Malaysian palm oil ended down after a rollercoaster ride that saw it slumping on bearish news about China, then rallying on export hopes for September before closing on pre-weekend profit-taking.
At the close, the contract ended eight ringgit down at 1,371 ringgit ($360.79) a tonne. Before that, it touched a low of 1,360 and high of 1,391.
Dealers put resistance for December at 1,400 ringgit and support at 1,360.
Volume for the day was at 6,928 lots, down from Wednesday’s 10,162 but higher than the usual daily business of 3,000-4,000 lots over the last few weeks.
On the physical crude palm oil market, September CPO saw closing bids/offers at 1,437.50/ 1,440 ringgit a ton in the southern region of Malaysia.
In the central zone, September CPO was offered/bid at 1,435/1,440. Trade was reported at 1,440-1,435.
October CPO saw bids/offers at 1,425/1,435 ringgit a ton in the southern and central zones.—Reuters
