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Palm oil slips

January 08, 2019

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KUALA LUMPUR: Malaysian palm oil futures fell on Monday, a second drop in four sessions, as traders remained cautious over official data due to be released by the industry regulator this week.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed down 0.6 per cent to 2,160 ringgit ($524.78), while trading volumes stood at 30,366 lots of 25 tonnes each.

“Today’s market behaviour is mostly on corrective measures after the recent rally,” a Kuala Lumpur-based futures trader said. “We’re awaiting Malaysian Palm Oil Board (MPOB) figures for further leads.”

Palm saw weekly gains of 2.4pc last week, rising to a two-week high, on a weaker ringgit and after India said it would reduce import taxes on Southeast Asian palm oil.

Published in Dawn, January 8th, 2019