"The market is up on Mielke's comments," said a futures trader in Kuala Lumpur, referring to key industry analyst Thomas Mielke,(filepic) who forecast that prices of the edible oil had already reached their lower limit at 2,100 ringgit, and could move up to 2,500 ringgit in the next six months. Speaking at an industry conference on Tuesday, Mielke also said he expected Malaysia's palm oil production to dip this year due to lower yields.
KUALA LUMPUR: Malaysian palm oil futures eased on Wednesday evening on bearish price and production forecasts at an industry conference in Kuala Lumpur.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange was down 0.2 percent at 2,157 ringgit ($527.77) a tonne at the end of trading.
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