Palm oil edges lower

December 03, 2019

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SINGAPORE: Malaysian palm oil futures closed lower on Monday, slipping from a two-year high hit in the previous session, as lacklustre export data clouded outlook and traders locked in gains.

The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange closed 0.4 per cent lower at 2,733 ringgit ($655.40) per tonne, after rising as much as 2,744 ringgit in the previous session on Indonesia’s decision to cut fossil fuel consumption.

Palm oil may break a support at 2,713 ringgit per tonne, and fall towards the next support at 2,666 ringgit, said Reuters analyst Wang Tao.

Published in Dawn, December 3rd, 2019