Malaysian palm oil futures
fell from a near three-week high reached earlier on Wednesday,coming under pressure from weakness in other oils.
Bursa Malaysia Derivatives Exchange was down 0.8 percent at The palm oil contract for August delivery on the
Prices had earlier reached an intraday high of 2,634 ringgit2,598 ringgit ($627) per tonne at the end of the trading day.
volumes stood at 44,926 lots of 25 tonnes each, above the 2015which was palm oil's strongest level since May 12. Traded average of 44,600.
"Palm fell in anticipation of a weaker CBOT tonight," one Traders said the market fell on weaker oils, singling out lower soybean on the Chicago Board of Trade (CBOT). trader said.
the Dalian Commodity Exchange fell by 0.7 percent. The Chicago Board of Trade soyoil contract for July lost 0.8 percent, while the September soybean oil contract on Palm oil had risen earlier on news of in increase in
diesel fuel pool for the transport sector to 10 percentMalaysia's biodiesel mandate, which controls the amount of biofuel in diesel. Malaysia said it would raise the amount of palm oil in the beginning in June, from 7 percent currently. For the industrial
sector, the increase will be to 7 percent.
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