BANGKOK, July 29: Malaysian crude palm oil futures fell in thin trade on Friday, ignoring gains in rival soyaoil as investors waited for export data due next week, dealers said. The Bursa Malaysia Derivatives’ benchmark third-month palm oil contract, October, ended 1 ringgit lower at 1,377 ringgit a ton ($367.2).
The day’s high was 1,378 ringgit, while the low was 1,371. Other traded months settled 1 to 7 ringgit down.
Overall volume was 3,485 on Friday, down from Thursday’s 3,514 lots. The market usually sees 6,000 lots or more traded on a busy day. The market was not moving much. Players just did not want to take positions at this time because there is no fundamental one thing for sure, said one dealer in Kuala Lumpur.
Cargo surveyors ITS and SGS are scheduled to release estimates of July exports on Monday. SGS, whose figures are more closely watched by the market, put exports of oil palm products for June at 1,229,196 tons, down 9.5 per cent from May.—Reuters
