KUALA LUMPUR: Malaysian palm oil futures edged down on Wednesday, though remained range-bound, tracking weakness in soyoil overnight on the US Chicago Board of Trade (CBOT) and crude oil prices.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was down 0.4 per cent at 2,175 ringgit ($529.45) a tonne at the close of trade. Trading volumes stood at 31,538 lots of 25 tonnes each at the end of the trading day.
“Palm is down tracking overnight losses in the CBOT and lower crude oil,” said a Kuala Lumpur-based trader.
US soybean futures fell for the third time in four sessions on Tuesday on worries the United States and China remain far apart in resolving a bitter trade dispute that has slashed US soy imports by the world’s top buyer.
Published in Dawn, January 17th, 2019
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