March 19, 2009 3:00 GMT+8 Crude palm oil futures fell 0.9 per cent yesterday as players booked profits on fears demand would not flow in at above current price levels.
The global benchmark for palm oil, the second largest producer of the tropical oil after Indonesia, slid 58 per cent from a record RM4,486 last year as recession sapped demand and inflated inventories.
“Traders felt uncomfortable when the market tried to test RM1,950 level, the fear is that palm oil becomes more uncompetitive against soya oil and loses market share,” said a trader with a local comodities brokerage.
The benchmark June contract on the Bursa Malaysia Derivatives Exchange settled down RM17 to RM1,905 per tonne after going as high as RM1,948.
Other traded months were marginally lower. Overall volumes stood at 13,530 lots of 25 tonnes each.
Exports rose by as much as a fifth to above 550,000 tonnes for March 1-15, cargo surveyors reported on Monday but traders expect the pace of growth to halve in the second half of March.
In the physical market, palm oil for March was quoted at RM2,035-RM2,050 per tonne in the southern region.
Trades were done between RM2,035 and RM2,050.
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