Palm oil ends higher

Published November 27, 2014
— Reuters/File
— Reuters/File

KUALA LUMPUR: Malaysian palm oil futures ended higher on Wednesday, reversing losses from the early session as a round of technical buying and short covering underpinned it, although a drop in crude oil prices and a stronger ringgit limited gains.

The benchmark February contract on the Bursa Malaysia Derivatives Exchange had inched up 1 per cent to 2,239 ringgit ($668) per tonne by the day’s close, recovering from a decline of as much as 0.5pc in early trade.

Total traded volume stood at 49,731 lots of 25 tonnes, above the usual 35,000 lots.

“Prices could not close below 2,190 ringgit in yesterday’s trade so it pulled up. After testing that support level, prices should move higher to test the resistance between 2,280-2,300 ringgit,” said a trader with a foreign commodities brokerage in Kuala Lumpur. “Fundamentally, there’s no real push - it’s all technical.”

Published in Dawn, November 27th , 2014

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

‘Source of terror’
Updated 29 Mar, 2024

‘Source of terror’

It is clear that going after militant groups inside Afghanistan unilaterally presents its own set of difficulties.
Chipping in
29 Mar, 2024

Chipping in

FEDERAL infrastructure development schemes are located in the provinces. Most such projects — for instance,...
Toxic emitters
29 Mar, 2024

Toxic emitters

IT is concerning to note that dozens of industries have been violating environmental laws in and around Islamabad....
Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...