Malaysian palm oil futures fell on Tuesday, its seventh straight losing session, as bearish palm fundamentals and declining rival oils weighed on the market.
Traders forecast a rise in seasonal output in the coming months, while exports were seen declining after it peaked in May to accommodate Ramadan demand.
Palm oil futures for August delivery on the Bursa Malaysia Derivatives Exchange dropped 1.9 percent to 2,481 ringgit ($605) per tonne at the close of trade on Tuesday.
It earlier fell to 2,478 ringgit per tonne, the lowest since May 25.
Traded volumes stood at 55,617 lots of 25 tonnes each at the end of trade.
"It's a combination of declining exports, an increase in output and weakness in soy, seen in Dalian and all commodities markets in general," said a trader based in Kuala Lumpur.
"It's almost at an oversold situation currently, we anticipate short covering to emerge at current levels."
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