Palm oil eases

July 10, 2019

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KUALA LUMPUR: Malaysian palm oil futures edged lower at the close of trade on Tuesday as a fall in soyoil prices and expectations of rising July output weighed.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was last down 0.2 per cent at 1,942 ringgit ($468.97) per tonne, charting a second day of declines.

Palm oil may test support at 1,929 ringgit per tonne, a break below which could cause a loss to 1,908 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

Another trader added that while prices dipped on weaker related oils, the market largely traded in a range ahead of palm export data by cargo surveyors.

Published in Dawn, July 10th, 2019