Malaysian palm oil futures ended lower on Monday after hitting more than two-month highs..
As per reports and market information from our sources,Malaysian palm oil futures ended lower on Monday after hitting more than two-month highs as traders sold following a three-day rally and looked to exports data to set direction.The market was overbought.In the short term, the market is strong and will trade between 3,470 to 3,500 ringgit.The benchmark August crude palm oil contract fell 0.9 percent to 3,408 ringgit after hitting a high of 3,464.The overall traded volume was 16,739 lots of 25 tonnes each, lower than the usual 25,000 lots.Traders are expecting May exports data due on Tuesday to set the market trend after cargo surveyors showed upbeat overseas demand earlier.
As per reports and information,Palm oil dropped for the first time in four days on concern supplies of edible oils will increase in the second half, helping stockpiles rise from a 10-month low.Futures for September delivery lost as much as 0.4 percent to 2,330 ringgit a metric ton on the Malaysia Derivatives Exchange and paused at 2,338 ringgit at the midday break.