Malaysian palm oil futures rose slightly on Friday, but did not move too far north from an almost 10-month low hit earlier this week as dwindling export demand and expectations for a pick up in output continued to drag on prices.
Prices for the day drew some support from gains in China's palm olein market, but sentiment stays mostly gloomy as evident from the fact that palm oil has gained less than half a percent for the week after dropping 16 percent in the past five weeks.
"Overall the market remains bearish because of rising palm oil production. Today's session depends on Dalian," said a trader based in Kuala Lumpur said.
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Prices for the day drew some support from gains in China's palm olein market, but sentiment stays mostly gloomy as evident from the fact that palm oil has gained less than half a percent for the week after dropping 16 percent in the past five weeks.
"Overall the market remains bearish because of rising palm oil production. Today's session depends on Dalian," said a trader based in Kuala Lumpur said.
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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