MALAYSIAN crude palm oil futures dropped as much as 4.7 per cent to seven-and-a-half month lows yesterday, slipping below a key resistance level of RM3,000 on signs of rising stocks of the vegetable oil.
Palm oil, stricken in recent weeks by weakening crude oil prices and slow overseas demand, has wiped out all its gains for this year and is now down more than 3 per cent since the start of 2008.
The benchmark October contract on the Bursa Malaysia Derivatives Exchange fell as much as RM140 to RM2,861 a tonne, the lowest level since December 12, 2007. The contract then clawed back some losses to settle down RM32 at RM2,969.
“Even if exports were to gain some ground this month with start of the Asia festival demand, production in Malaysia is still going to be much higher,” said a trader with a foreign brokerage.
Other traded months were RM15 and RM125 lower. Overall volume nearly doubled to 19,096 lots of 25 tonnes lots from 10,000 lots usually traded. – Reuters
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