BANGKOK, Nov 11: Malaysia’s crude palm oil futures ended mixed in slow trade on Friday as players waited for fresh leads, dealers said. The benchmark third-month January crude palm oil contract on Bursa Malaysia Derivatives settled up 1 ringgit at 1,436 ringgit ($380.9) a ton after touching an intra day low of 1,432 ringgit.
The market moved in a very tight range today because people are not sure where palm oil’s going, said one dealer in Kuala Lumpur.
Other traded months settled either up 1 to 3 ringgit or dropped 1 ringgit.
Overall volume was light at 1,604 lots of 25 tons each compared to Thursday’s 5,885 lots and the 6,000 lots or more traded on a busy day.
Dealers said they expected the market to move in a tight range in the next week, with the immediate resistance remaining at 1,450 ringgit and support at 1,420 ringgit.
The trading range will be the same because there is no new lead to the market now, said another dealer.—Reuters
