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.