KUALA LUMPUR, Dec 1: Malaysian palm oil fell for a fourth straight day on Thursday as worries about thin sales and surging stocks of oil kept market bulls away. The third-month crude palm oil contract on Bursa Malaysia Derivatives, February, closed down 0.3 per cent, or 4 ringgit, at 1,387 ringgit ($367.03) a ton.
The benchmark contract opened up four ringgit, touching an intraday high of 1,395 on mild interest spurred by overnight gains in Chicago soyaoil. But profit-takers emerged soon after, pushing it as low as 1,380.
The broader futures settled down four to 10 ringgit. The traded volume totalled 4,856 lots of 25 tons each, a shade higher than Wednesday’s 4,589 lots.
Societe Generale de Surveillance, an independent surveyor of Malaysian palm oil shipments, widely followed by the industry, said November exports were expected to have fallen 17 per cent from October.
December soyaoil on the Chicago Board of Trade rose 0.10 cent a lb on Wednesday, and remained firm in Thursday’s electronic trade conducted during day hours in Asia.—Reuters
