KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives exchange fell 1.9% to a fresh eight-month low Monday due to concerns that China, a major vegetable oil consumer, may buy less palm oil amid an economic slowdown.
Prices also fell as rising palm supplies in the next few months may push inventory levels higher as export demand remained sluggish, trade participants said.
The benchmark September contract on the Bursa Malaysia Derivatives exchange ended MYR45 or 1.9% lower at MYR2,290 a metric ton after moving in a MYR2,290-MYR2,338 range.
"Technical charts and supply fundamentals suggest that prices may extend losses in the next trading session," said a senior trading executive at a Kuala Lumpur-based brokerage.
-By Shie-Lynn Lim, Dow Jones Newswires; +603 2026 1233;
shie-lynn.lim@dowjones.com
No comments:
Post a Comment