BANGKOK, Oct 12: Malaysia’s palm oil futures ended lower on Wednesday on liquidation amid concerns about rising stocks, dealers said. The third-month December crude palm oil contract on Bursa Malaysia Derivatives fell 9 ringgit to 1,451 ringgit a ton ($384.8).
Other traded contracts settled down 2 to 10 ringgit with overall volume light at 3,858 lots.
A lot of liquidation was going on, said one Malaysian dealer.
The market was in a negative tone. Most of the day, the market was on the minus, said another.
Official crop data released this week showed stocks rising to 1.44 million tons at the end of September from 1.18 million at the end of July.
Dealers said the market could see heavy liquidation if inventories crossed 1.5 million tons at the end of October.
Dealers said they expected the market to move in a tight range over the next few days, with one saying he expected a 1,440-1,520 ringgit range.
Technically, the market will go further down in the coming days, he said.—Reuters
