Palm oil fell to a weekly low amid profit-taking by traders
January palm oil futures on Bursa Malaysia rose to a three-week high of 3,842 ringgit/t in early trade yesterday, but ended the day down 1.34% at 3,759 ringgit/t, or $789.04/t, losing yesterday’s growth.
Traders booked gains after prices surged from 3,521 ringgit/t on Oct 10 to a current high. However, prices are expected to continue to rise.
According to the estimates of the surveying company Intertek Testing Services and the inspection company AmSpec Agri Malaysia, palm oil exports from Malaysia increased by 5.6-7.3% compared to the same period in September. According to the surveyor Societe Generale de Surveillance (SGS), 665,876 tons of palm oil were exported during this time.
On the stock exchange in Dalyan, soybean oil futures fell by 0.39%, and palm oil futures rose by 0.43%.
Soybean oil futures fell 0.76% on the Chicago Stock Exchange.
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