KL's palm oil prices down

KL's palm oil prices down

KUALA LUMPUR (Reuters): Malaysian palm oil prices ended lower on Tuesday extending overnight falls on bearish sentiment and lack of supportive news.

Technical selling also contributed to the fall.

European vegetable oil traders said on Monday that they were starting to resolve the problems of contaminated crude palm oil (CPO). This also dampen sentiment.

The Dutch authorities blocked three contaminated shipments of CPO which arrived at Rotterdam between October 4/20 from Indonesia.

"If the problems are sorted out, then there won't be any expectations of oil shortages," said the trader, adding that local sentiment weakened further on lack of news from China issuing over import quotas.

The market saw third month January futures contract closed at 1,189 ringgit ($312.89) a ton after trading between 1,183 and 1,200.