KUALA LUMPUR: Malaysian palm futures fell on Monday as investors booked profits after the contract notched its biggest gain in four-and-a-half months in the previous session and as cargo surveyor data showing lower exports weighed on sentiment.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange slid 1% to 4,603 ringgit ($1,100.93). It jumped 3.8% on Friday, rising the most since Aug. 11 and booking a fourth straight session of gains.
“Profit-taking interest after last Friday’s surge is likely to drag palm,” a Kuala Lumpur-based trader said.
Cargo surveyor Intertek Testing Services said on Saturday that exports of Malaysian palm oil products for Dec. 1-25 fell 2.6% to 1,306,408 tonnes compared with a month ago, while independent inspection company AmSpec Agri Malaysia reported that exports fell 1% to 1,242,761 tonnes.
Dalian’s soyoil contract rose 0.63%, while its palm oil contract fell 0.11%. Soybean oil prices on the Chicago Board of Trade for May delivery were up 0.76%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may break a resistance at 4,676 ringgit per tonne, and rise into 4,751-4,812 ringgit range, Reuters technical analyst Wang Tao said.
Comments
Comments are closed for this article.