"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.
SINGAPORE: Malaysian palm oil futures slid for a sixth consecutive session on Wednesday to their lowest in three months on pressure from expectations of lower demand in top importer India and rising domestic production.
The benchmark third-month palm oil contract on the Bursa Malaysia Derivatives Exchange finished down 1.3 percent at 2,089 ringgit a tonne. Earlier in the session, the market hit its weakest since mid-December at 2,070 ringgit a tonne.
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