BANGKOK, April 28: Malaysian crude palm oil futures fell almost one per cent on Thursday on long liquidation, dealers said. The Bursa Malaysia Derivatives’ benchmark third-month palm oil contract ended down 11 ringgit, or 0.8 per cent, at 1,430 ringgit a ton ($376). The day’s high was 1,449 ringgit, while the low was 1,424.
Other traded months settled down 10 to 17 ringgit.
Players took long liquidation because there are no fundamentals to support the market, said one dealer. Overall volume stood at 5,710 lots of 25 tons each. Wednesday’s business totalled 2,128 lots.
Dealers put immediate support at 1,420 ringgit, with resistance at 1,450 and with the contract seen moving in a narrow range on Friday.
Two surveyors of Malaysian oil palm cargoes’, Intertek Testing Services and Societe Generale de Surveillance, are due to release export estimates for April next Tuesday.
Soyaoil futures on the Chicago Board of Trade were mixed in electronic trade on Thursday, with the July contract settling up 0.03 cents to 22.70 cents a pound.—Reuters
