BANGKOK, Nov 2: Malaysia’s palm oil futures ended lower on Wednesday on profit taking ahead of long holidays, dealers said. The benchmark third-month contract, January, ended down 5 ringgit at 1,440 ringgit a ton ($381.96) after touching an intraday high of 1,447 ringgit.
The market dipped from Monday because of profit taking, said one dealer in Kuala Lumpur.
The market was closed on Tuesday and will be closed on Thursday and Friday for the Diwali and Eid al-Fitr Festivals.
The market went up in the morning, but in the afternoon it eased back a bit ahead of the long holidays, said dealer.
Other traded months settled down 4 to 5 ringgit with overrall volume moderate at 2,594 lots of 25 tons each.
Dealers said they expected the market to move in a narrow range when it reopened on Monday.
Dealers pegged the immediate new resistance at 1,470 ringgit, with support at 1,420 ringgit.—Reuters
