Palm futures dip on fragile sentiment

CRUDE palm oil futures prices on Bursa Malaysia Derivatives closed lower yesterday as concerns about oversupply dampened sentiment.

“Demand was still there due to mild pre-stocking activities ahead of Ramadan but sentiment remained fragile as most traders expect production to increase further,” a dealer said.

She said uncertainty in soya oil prices coupled with wobbly external markets also kept most buyers away.

July 2011 contracts dropped RM47 to close at RM3,205 a tonne and August 2011 lost RM50 to close at RM3,190.

September 2011 decreased by RM43 to RM3,178 while October 2011 eased RM48 to RM3,179.

Source: Business Times

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