KUALA LUMPUR: Malaysian palm oil futures fell on Monday, retreating from their highest level in a week following a forecast of ballooning production for 2018-2019 compared with the preceding period.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange fell 1.8 per cent to 2,149 ringgit ($527.49) a tonne. Last Friday, palm rose 3.2pc, the largest intraday gain since October 2016. The futures turned south after hitting their highest level in a week in the first half session on Monday that was boosted by strength in other edible oils and expectations of a trade deal between China and the United States.
Traders said the market was reacting to the higher production forecasts by leading industry analyst Thomas Mielke earlier in the day.
Published in Dawn, March 5th, 2019
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