Malaysian palm oil futures ended lower yesterday, giving up some gains made in the morning session when it had touched a week high, after a bout of technical correction pressured prices of the tropical commodity.
“There was short-term technical weakness and correction after rising over the last two days,” said a trader with a foreign commodities brokerage in Kuala Lumpur. The benchmark January contract on the Bursa Malaysia Derivatives Exchange was down 0.2 percent to 2,260 ringgit ($679) per tonne by Wednesday’s close. Prices had touched their highest since Nov. 5 at 2,286 ringgit in early trade before slipping. Total traded volume stood at 41,671 lots of 25 tonnes, above the usual 35,000 lots.
