0
KUALA LUMPUR, Feb 21: Malaysian palm oil fell sharply on Tuesday, correcting further from a buildup over the last fortnight aimed at breaking resistance. Traders, however, said the market could still achieve its target of cracking 1,500 ringgit a ton before an annual industry conference concludes this week with bullish outlooks expected from global oils analysts.
The third-month May crude palm oil futures closed down 12 ringgit at $396.34 a ton, after trading as low as 1,473. Other traded contracts ended down 9 to 12 ringgit. Volume was above average, at 6,069 lots of 25 tons each, as the market saw a liquidation trend recurring since Friday. —Reuters
