KUALA LUMPUR: Malaysian palm oil futures slid on Tuesday as export growth slowed and the market took a chance to take profits amid mounting production concerns.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange was down 1.2 per cent at 2,485 ringgit ($636.85) a tonne, reversing Monday’s gains to its lowest since Feb 9.
Trading volumes stood at 37,006 lots of 25 tonnes each. Positive export numbers did little to boost market confidence and the market could have viewed them as an opportunity to take profit, traders said.
Published in Dawn, February 21st, 2018
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