KUALA LUMPUR, May 5: Malaysian crude palm oil futures ended marginally lower in thin trade on Friday as pressure from a strengthening ringgit and holidays in China kept buyers at bay.
Traders added the Malaysian palm oil market, which ended lower in most previous sessions this week, would find support at 1,450 ringgit a ton as demand for energy use was expected to remain buoyant, thanks to surging crude oil prices.
There were no strong fundamentals for the market today. It lacked direction, one trader said.
Another Kuala Lumpur-based trader added: Not many people are keen to book positions ahead of the weekend. We might see some buying when China returns to the market next week.
China is emerging as the biggest customer for palm oil.
The benchmark third-month July contract on the Bursa Malaysia Derivatives ended one ringgit lower at 1,453 ringgit ($403) a ton. May was up four ringgit but June was down two ringgit.
Overall volumes stood at 5,707 lots of 25 tons each.—Reuters
