CPO price tumbles on RI news

Wed, 22 Apr 1998 | Source: REUTERS

KUALA LUMPUR (Reuters): News at least 100,000 tons of crude palm oil (CPO) is ready for loading on waiting vessels in Indonesia yesterday and a stronger ringgit against the U.S. dollar dragged down Malaysian palm oil prices at the close, traders said.

"There was panic selling after the (Indonesian) news that at least 100,000 tons of palm oil is to be loaded after the lift of the export ban tomorrow," said a trader.

Although players appeared nervous, traders said the immediate trend looks uncertain. "Some people are talking of a low palm oil stock in Malaysia. And also we are not sure of what will happen tomorrow in Indonesia, so I feel quite uncertain of market sentiment," the trader said.

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