Malaysian palm oil futures fell on Friday, after climbing to a two-week high in the prior session, although expectations of strong demand for the vegetable oil kept a floor under prices.
The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange closed down 1.5 percent to 2,317 ringgit ($571.6) a tonne. On Thursday, it climbed to 2,368 ringgit, highest since July 5. Volumes stood at 32,734 by close.
"We are seeing some chart-related selling at current levels, as bargain hunting and short covering start to fade," said one Kuala Lumpur-based trader, adding though that export sales are expected to remain strong.
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The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange closed down 1.5 percent to 2,317 ringgit ($571.6) a tonne. On Thursday, it climbed to 2,368 ringgit, highest since July 5. Volumes stood at 32,734 by close.
"We are seeing some chart-related selling at current levels, as bargain hunting and short covering start to fade," said one Kuala Lumpur-based trader, adding though that export sales are expected to remain strong.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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