KUALA LUMPUR: Local crude palm oil futures slid to a near three-week low yesterday, as traders booked profits on weaker exports and better production outlook here after a recent US weather-fuelled rally.

“I think the market just doesn’t have enough push to go up further at the moment,” said a Singapore-based trader with a commodities house.

October palm oil futures on the Bursa Malaysia Derivatives fell 2.2 per cent to close at RM2,994 a tonne, after going as low as RM2,990 – a level unseen since June 28.

Traded volumes were high at 39,170 lots of 25 tonnes each. Technicals remained bearish as palm oil extended Tuesday’s loss to RM2,973, said Reuters market analyst Wang Tao.

Source : Business Times

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