KUALA LUMPUR: Malaysian palm oil futures eased on Monday, tracking other vegetable oils lower as cautious traders eyed the negative impacts of a possible default by Greece on its debt repayment.
The September palm oil contract on the Bursa Malaysia Derivatives exchange ended down 0.5 per cent at 2,266 ringgit ($599) a tonne at the close, after trading in a range of 2,260 to 2,277 ringgit. Palm prices have fallen about 2pc so far in June and touched a three-week low last week.
Total traded volume for palm was thin at the close with only 19,111 lots of 25 tonnes each changing hands, compared with the usual 35,000 lots. Palm oil may consolidate in a neutral range of 2,250-2,293 ringgit per tonne for one day before rising again, according to Reuters market analyst Wang Tao.
Published in Dawn, June 30th, 2015
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