KL palm oil ends mixed

KL palm oil ends mixed

KUALA LUMPUR (Reuters): Selling which emerged in late
afternoon trade erased most of the earlier gains on the Malaysian
palm oil market, taking prices to a mixed close.

The market rose earlier on technical buying after the third
month February contract rose above 1,250 ringgit a ton, but lack
of follow-through and poor leads saw prices ease off, traders
said.

The contract surged to a high of 1,272 ringgit but closed at
1,247 ringgit ($328.15) a ton, up two from Tuesday.

The afternoon's softer tone was due to profit taking and
players taking a wait and see attitude over how Chicago soyoil
futures will perform on Wednesday after Tuesday's rise.

Traders said concern over diesel-tainted Indonesian oil,
expectation of smaller output in November and the stronger close
in Chicago aided the early gains.