Palm oil ends flat
SINGAPORE, Aug 6: Malaysian crude palm oil ended flat on Monday as expectations of higher stocks in No.2 producer Malaysia erased higher risk appetite on better-than-expected US jobs data.
Investor optimism also grew on talks of more stimulus measures by European Central Bank to tackle the region’s crisis but caution remained as traders eye stocks data by industry regulator Malaysian Palm Oil Board (MPOB) due later this week.
“In the near term, the upcoming MPOB’s July inventory data could swell above the psychological range of 2m tons,” said Alan Lim Seong Chun, research analyst with Malaysia’s Kenanga Investment Bank, in a note. The benchmark October palm oil futures on the Bursa Malaysia Derivatives Exchange ended flat at 2,918 ringgit per ton.—Reuters