Malaysian palm oil futures edge up

FE Team | Published: June 04, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

KUALA LUMPUR, June 3 (Reuters): Malaysian palm oil futures edged up on Tuesday to snap a seven-day losing streak as prices headed into a round of
technical correction, traders said, although worries about demand for the
tropical oil capped the gains.
Disappointing export data for the full month of May weighed on prices, keeping them near the seven-and-a-half month lows touched on Monday.
"Today is purely a correction day after a fall for seven days," said a trader with a foreign commodities brokerage in Kuala Lumpur. "After dropping more than 200 ringgit per tonne, a correction of retracement is in store for the market."
By the midday break, the benchmark August contract on the Bursa Malaysia Derivatives Exchange had edged up 0.2 percent to 2,421 ringgit ($750) per tonne, with prices trading between 2,400-2,431 ringgit.
Prices on Monday had dipped to as low as 2,386 ringgit, their weakest since Oct. 18, 2013.
Total traded volume stood at 15,789 lots of 25 tonnes, above the usual 12,500 lots.