SINGAPORE, Nov 7: Malaysia’s crude palm oil futures dropped on Monday, reflecting a lack of participants as the market reopened after a long holiday break. Palm oil futures were closed on Tuesday, Thursday and Friday last week for the Diwali and Eid al-Fitr Festivals.
The benchmark third-month January crude palm oil contract on Bursa Malaysia Derivatives was last traded at 1,432 ringgit a ton ($378.84), down 8 ringgit.
Overall volume was moderate at 2,203 lots of 25 tons each.
Dealers expected the market to move in a narrow range ahead of Nov. 1-10 palm oil exports data due on Thursday. Cargo surveyor SGS put exports at 473,891 tons in Oct. 1-10, up 20.7 per cent from the same period in September. Dealers pegged the immediate new resistance at 1,470 ringgit, with support at 1,420 ringgit.—Reuters
