Palm slides on profit-taking following bearish MPOB data

Malaysian palm oil futures reversed early gains onThursday as profit-taking weighed on the market following the release of the Malaysia Palm Oil Board’s (MPOB) demand and supply data. The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange fell 17ringgit, or 0.4%,to 4,235 ringgit ($987.64) a metric ton at the close. The contract rose to about0.78% in the afternoon but has fallen 2.49% for three consecutive sessions. Malaysian palm oil futures retreated on profit-taking following the release of the MPOB data, which the market interpreted as mildly bearish, said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. “The factors influencing palm prices moving forward will be Malaysia’s October production, the direction of competing oils, and weather uncertainties in South America,” he said. MPOB released its supply-demand data for September during the midday break. It stated that Malaysia’s palm oil stocks at ...