Crude palm oil down for 3rd day on selling pressure
Posted: 28 Oct 2009 03:54 AM PDT
Crude palm oil futures on Malaysia’s derivatives exchange fell for the third day Wednesday, tumbling as much as 1.3% on selling pressure amid weakness across commodity markets, including soyoil and crude, said trade participants.
The benchmark January contract on the Bursa Malaysia Derivatives ended down MYR18 at MYR2,152 a metric ton, after moving in MYR2,140-MYR2,186/ton range.
Palm oil prices started the day higher but slipped into negative territory at midmorning as a rebound in the dollar halted a rally in commodity markets, including palm oil, trade participants said.
Prices eased further in afternoon trade as investors continued to liquidate positions to take profit.
Closing BMD Crude Palm Oil (CPO) futures prices in MYR/ton at 1000 GMT:
Month Close Previous Change High Low
Nov 09 2,150 2,167 Dn 17 2,179 2,131
Dec 09 2,150 2,167 Dn 17 2,180 2,134
Jan 10 2,152 2,170 Dn 18 2,186 2,140
Feb 10 2,157 2,172 Dn 15 2,190 2,147
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Below are some viewpoints from Chinese (Mainland):
SOME SAYS if the Chinese in mainland China boycott palm oil for 3 months---full use of comsumer solidarity power, then the CPO will drop to RM1200......maybe, but it is true that from poison milk cases clearly shown that CHINA needs strong consumers activities and forces.....the consumers still alseep and do not know that they can play bigger roles..........
They said eg boycott palm oil for 3 months to see the result.
Some Chinese in Mainland said they need to consolidate and make consumerism as an important activities in China and every consumer will play very vital roles!!!!!!!!!!!!!!!!!!
It is time for all Chinese Consumers to wake up and use your boycott power and strength!!!!
