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KUALA LUMPUR, Nov 29: Malaysian crude palm oil futures closed lower on Wednesday as an overbought market prompted technical selling and prices of rival soyaoil declined.
But the market pared losses towards the close because of long-term bullish factors such as declining stocks and output.
Crude palm oil prices have gained almost 13 per cent this month, boosted by higher soyaoil prices and forecast of strong demand for vegetable oil-based biodiesel in the coming months.
Palm oil stocks in Malaysia are expected to decline 5.9 percent in November from October amid a marginal increase in output and higher domestic consumption, a Reuters poll showed.—Reuters
