Palm oil eases as traders book profit

0
6

Palm futures dropped on Thursday, giving up some of the previous session’s gains as traders took profit while waiting for new leads.
The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange fell 1.1% to 2,526 ringgit ($612.73) a tonne.
It was the largest intraday fall in almost four weeks, having hit its highest since January 2018 earlier in the week.
“There is some profit-taking and retracement in an overbought ,” one Kuala Lumpur trader said. “Further correction down cannot be ruled out at this point, but it will limited due to supply-demand factors.”
Total palm oil production in Indonesia and Malaysia is expected be flat next year, owing to dry weather and low fertiliser application in the world’s top two producers of the vegetable oil, industry analyst Dorab Mistry said on Thursday.
stockpiles are likely to have risen in October because production increased to its highest in a year even as export demand surged for the edible oil, a Reuters survey showed.
during October in the world’s second-largest palm are to rise 2.8% from September to a seven-month high of 2.52 million tonnes, according to a median of seven planters, traders and polled by Reuters.
<a class="tipover" href="javascript:void(0)" onMouseOver="popup(event,'Copyright Reuters, 2019
Published under arrangements with Reuters.

No content from Business Recorder shall be reproduced, published, broadcast, rewritten for broadcast or publication, or redistributed directly or indirectly in any medium.
Business Recorder shall not be responsible or held liable for any error of fact, opinion or and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here. Nor shall Business Recorder be held liable for any actions taken in consequence.’)” onMouseOut=”popop(event,’tip1′)” style=”cursor:pointer”>Copyright Reuters, 2019

Source: Brecorder

LEAVE A REPLY

Please enter your comment!
Please enter your name here