SINGAPORE, July 17 (Reuters) - Malaysian crude palm oil futures edged down on Tuesday as traders booked profits from the previous day's rally, although losses were limited as persistent hot and dry weather in the United States reduced global oilseeds supply.
Traders are also on the sidelines today ahead of testimony by U.S. Federal Reserve Chairman Ben Bernanke to Congress late Tuesday, a Singapore-based broker says.
Exports to China suffered the steepest decline, although demand is still expected to pick up due to various festivals, starting with the Muslim fasting month of Ramadan this week and with China and India celebrating key holidays from September to November.
On the technicals front, palm oil will retrace to 3,067 ringgit, as it did not break a resistance at 3,168 ringgit, said Reuters market analyst Wang Tao. FCPO October opened slightly lower this morning at 3,117 and reached a low of 3,081 by the second session.
No comments:
Post a Comment