KUALA LUMPUR, March 22: Malaysian crude palm oil futures extended losses on Tuesday, weighed down by weakness in rival US soyaoil. The benchmark third-month crude palm oil futures contract on Bursa Malaysia Derivatives, June, ended down 11 ringgit at 1,409 ringgit ($370.79) a ton, off an intraday low of 1,401 ringgit. The contract fell 19 ringgit on Monday. Overall volume stood at 6,846 lots of 25 tons each, up from Monday’s 5,646 lots.
The May contract rebounded to 22.80 cents per lb during Asian trade on Tuesday, but later surrendered its gain. Soyaoil and palm oil compete for similar export destinations and their prices often move in step.
On the physical crude palm oil market, March saw bids/offers at 1,400/1,410 ringgit a ton in Malaysia’s southern and central regions, against Monday’s close of 1,420/1,425. Trades were reported at 1,405-1,400 ringgit. .—Reuters
