Palm oil retreats from peak as export fears loom
Malaysian crude palm oil fell slightly on Friday, retreating from a key 3,000 ringgit milestone in the previous session as players began to take profits on fears that exports will fall due to high prices.
By TNN |
KUALA LUMPUR: Malaysian crude palm oil fell slightly on Friday, retreating from a key 3,000 ringgit milestone in the previous session as players began to take profits on fears that exports will fall due to high prices.
The commodity, up nearly 50% this year, bucked the trend in following crude and soya oil markets, which strongly gained in Asian trade. The benchmark January contract on the Bursa Malaysia Derivatives Exchange settled down 10 ringgit at 2,990 ringgit ($902) per tonne, after going as low as 2,970 ringgit.
The commodity, up nearly 50% this year, bucked the trend in following crude and soya oil markets, which strongly gained in Asian trade. The benchmark January contract on the Bursa Malaysia Derivatives Exchange settled down 10 ringgit at 2,990 ringgit ($902) per tonne, after going as low as 2,970 ringgit.
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