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palm oil prices goes fown


Ameer 1:
Malaysian palm oil futures edged lower on Tuesday, but hovered near the previous session’s one-week high on concerns that thunderstorms in several palm growing areas in the world’s No.2 producer could disrupt supply.
Thunderstorms and heavy rains accompanied by strong winds are expected over most parts of Malaysia in the coming week, the country’s meteorological department website showed on Tuesday, including in the major palm oil producing states of Sabah, Johor and Pahang.

"Malaysian local weather is supportive for the palm oil market because it makes production more difficult," said a trader with a foreign commodities brokerage in Kuala Lumpur.

"But prices are still trading in a range. Today’s range is seen between RM2,450-RM2,480," the trader added.

By the mid-day break, the benchmark January contract on the Bursa Malaysia Derivatives Exchange had edged down 0.2 per cent to RM2,458 per tonne, but stayed near Monday’s one-week high of RM2,483. Prices traded in a tight range between RM2,454-RM2,477.

Total traded volume stood at 20,701 lots of 25 tonnes each, nearly double the usual 12,500 lots.

Read more: Palm oil edges down http://www.btimes.com.my/articles/20131029145933/Article/#ixzz2j67OyUyL

I think it's amazing we've ever seen.


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