CRUDE palm oil futures contracts on Bursa Malaysia Derivatives ended lower yesterday on continued profit-taking by speculators and lower
demand.
Interband Group of Companies senior palm oil trader Jim
Teh said speculators tried to push the price below RM3,000 a tonne amid
rising CPO production.
Due to the strengthening ringgit, foreign buyers might find importing palm oil less attractive, he added.
Another dealer said the market closed lower due to technical selling following the downtrend on the Dalian Commodity Exchange.
May contract fell RM17 to RM3,370 a tonne, June down RM50 to RM3,305 a
tonne, July shed RM53 to RM3,277 a tonne and August fell RM57 to RM3,263
a tonne.
