slumped and soybeans declined, reducing demand for the tropical
commodity used in food and biofuels.
The September-delivery
contract fell as much as 1.5 per cent to RM2,363 a metric ton on the
Malaysia Derivatives Exchange.
Palm oil has fallen about 7.3 per
cent this quarter on forecasts for record output of world oilseed crops
and was at RM2,367 at 4.05 pm.
“The mid-term technical outlook is still pointing down,” said Ryan Long,
a futures trader at OSK Investment Bank.
“The immediate downside
target is RM2,350 a ton, he added.
The “grossly bearish”
technical charts for palm oil signal prices falling to between RM1,990
and RM2,200 a ton, a RHB Research Institute report on Monday said.
Crude
oil in New York slumped 2 per cent to US$76.67 a barrel in European
trading on concerns slower economic growth may curb energy demand and
skepticism that production from Gulf of Mexico wells will be disrupted
by a tropical storm.
November-delivery soybeans in Chicago fell
0.3 per cent to US$9.16 a bushel.
Soybean prices may come under
more pressure “with no corn rally in sight,” Scott Briggs, an
agricultural commodities strategist at Australia & New Zealand
Banking Group Ltd, said yesterday.
Corn for December delivery in
Chicago declined 0.4 per cent to US$3.515 a bushel, falling for the
seventh straight day, the longest slump since March.
Vegetable
oils oil often track crude oil movements as it can be used in biofuels.
Source : Business Times
