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Palm closes lower on rising stockpile concerns
KUALA LUMPUR: Malaysian palm oil futures closed lower on Tuesday as concerns over rising September stockpiles and weaker crude oil prices weighed on the market. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange shed 18 ringgit, or 0.39%, to 4,560 ringgit ($1,117.10) a metric ton at the close. Expectations of high September inventories continued to cap gains, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Malaysia’s palm oil inventories are expected to hit an all-time high in September, topping the Decembe...
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