KL palm oil slips on technical selling<\/p>\n
KUALA LUMPUR (Reuters): Last minute technical selling pushed
\ndown Malaysian palm oil prices at the close on Wednesday on
\nprospects of poor exports and aggressive sales by Indonesia,
\ntraders said.<\/p>\n
The benchmark third-month July contract ended down five
\nringgit at 788 ringgit ($207.36) a ton after trading as high as
\n802 ringgit on short covering. Volume was 852 lots.<\/p>\n
\"There was no reason why the market should go up this
\nafternoon because fundamentals are weak,\" said one trader in
\nKuala Lumpur.<\/p>\n
\"I am sure exports will be poor this month and a weakening
\nrupiah will trigger more exports from Indonesia,\" he added.<\/p>\n
Physical April crude palm oil for the southern region was
\noffered at 790 ringgit a ton against bids at 785, and traded at
\n780 to 790. April (central) saw offers at 785 against bids of
\n780, and trade was done at 780 to 785.<\/p>\n
May crude palm oil (south) saw offers at 795 ringgit a ton
\nagainst bids of 790. Trade was done at 790 to 795.<\/p>\n
May (central) was offered at 790 ringgit against bids at 785,
\nand traded at 790.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kl-palm-oil-slips-on-technical-selling-1447893297",
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