Malaysian crude palm oil futures closed lower yesterday after crude oil, which sparked a midday rebound, retreated from its high in Asian hours, traders said.
Crude had support palm prices, which otherwise should have come under pressure after industry data showed Malaysian palm oil stocks rose again in May after falling to 22-month low in April.
“I think we will continue to see range-bound trade today. The top side would be around RM2,550 while support is at around RM2,450,” said a trader at Kuala Lumpur-based brokerage.
The benchmark August contract on the Bursa Malaysia’s Derivatives Exchange fell RM16 , or 0.6 per cent, to RM2,485 (US$708.99) per tonne, after going as high as RM2,519. Overall
volume was 16,718 lots of 25 tonnes each.
US crude rose 56 cents to US$71.88 a barrel by 1005 GMT, coming off early high of US$72.30 in electronic trading.
In the Malaysian physical market, palm oil for June delivery was traded at RM2,490-RM2,510 in the southern and central regions.
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