Malaysian palm oil price down as traders square positions

Palm oil may rise to RM2,001 per tonne, as suggested by a projection analysis, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

KUALA LUMPUR: Malaysian palm oil futures dipped on Friday as traders squared positions after the contract failed to breach a target price, reversing gains made earlier when it tracked strength in U.S. soyoil.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange slipped towards the end of the session to close 0.05% lower at 2,022 ringgit ($487.46) per tonne.