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Malaysian crude palm oil futures dived a two- month low on Monday, breaking key support as the market tracked a slump in fall in US soya oil. The third-month contract on Bursa Malaysia Derivatives,February ,ended down 19 ringgit,or 1.4% at 1,399 ringgit ($370.2) a tonne, just below 1,400 support. Its low for the day was 1,396 ringgit -a level last seen on September 19. But dealers expected the market to rebound above 1,400 before the week was through."Its a CBOT-driven liquidation, nothing more than that,"said a trader, adding"I wouldnt say our fundamentals are preety ,but they are enough to support us at 1,400, unless of course the CBOT takes a bigger hammering in the next few days."
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| Posted : 11/29/2005 |
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