JAKARTA: Malaysian palm oil futures fell on Thursday to their lowest closing price in nearly a week, reversing an earlier gain in the day on profit taking.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange dropped 51 ringgit, or 1.34%, to 3,759 ringgit ($789.04) a metric ton.

The contract hit its highest in three weeks at 3,842 ringgit a ton in early trade.

“It seem the market is profit taking after a recent rise from a low of 3,521 ringgit a ton on October 10 to today’s high,” a Kuala Lumpur-based trader said, adding the contract is expected to resume an upwards movement.

Cargo surveyor Societe Generale de Surveillance (SGS)estimated exports of Malaysian palm oil products for Oct. 1-15 at 665,876 metric tons.

Malaysia keeps November crude palm oil export duty at 8%

Meanwhile, Malaysian palm oil exports for Oct. 1-15 rose between 5.6% and 7.3% from a month earlier, according to independent inspection company AmSpec Agri Malaysia and cargo surveyor Intertek Testing Services.

Dalian’s most-active soyoil contract fell 0.39%, while its palm oil contract was up 0.43%. Soyoil prices on the Chicago Board of Trade lost 0.76%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Comments

Comments are closed.