Tuesday, June 18, 2013

Asian CPO Ends Off Highs; MYR2,440-MYR2,485/Ton Tipped Wed

DJ. Palm oil futures on Malaysia's derivatives exchange end up but off the day's high as the market failed to see any follow-through buying interest, a trading executive in Pasir Gudang says, although he notes that lower palm oil stocks at a time when export demand is rising due to increased orders from Pakistan and the Middle East did provide some underlying support. Food consumption typically rises during the Muslim fasting month of Ramadan due to month-long communal feasting after dawn-to-dusk abstinence from food and drink. A Kuala Lumpur-based broker tips Wednesday's trade in a MYR2,440-MYR2,485/ton band as investors await clarity on U.S. monetary policy. New benchmark September CPO ends up 0.2% at MYR2,468/ton.                                                                  

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