February 17, 2009 3:00 GMT+8
Malaysian crude palm futures retreated from a five-week high to finish 3.6 per cent lower yesterday as news of weak exports sparked profit-taking, traders said. The day also saw trading briefly suspended due to a technical glitch. The benchmark May contract fell RM72 or 3.6 per cent to RM1,922 per tonne, after going as high as RM2,017, the highest since Jan. 7.
Prices of the tropical oil have been climbing steadily since an Oct. 28 low of RM1,331, but failed to stay above the key resistance level of RM2,000 amid worries over demand prospects. “For the market to go up in full force, we need to see further demand to come in,” a trader said.
Exports of Malaysian palm oil products for Feb. 1-15 fell 11.95 per cent to 509,200 tonnes from 578,282 tonnes shipped between Jan. 1 and 15, cargo surveyor Intertek Testing Services said on Saturday. Another cargo surveyor Societe Generale de Surveillance said yesterday exports of Malaysian palm oil products for Feb. 1-15 fell 13.4 per cent to 494,172 tonnes from 570,602 tonnes shipped between Jan. 1 and 15.
“We only have 28 days this month, so I think the whole month exports are going to be bad,” said another trader said. Other traded contracts fell between RM30 and RM77. Overall volume was 17,524 lots of 25 tonnes each. -Reuters
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