Technical correction: Malaysian palm oil price fell

Introduction: traders said Wednesday that Malaysian palm oil could not maintain yesterday's rise, with most contract prices falling due to technical correction In the third month, the highest transaction price of benchmark October futures contract reached 1238 ringgit / ton since April 21, 2000, and then fell to 1157 ringgit (304.47) / ton by 57 ringgit The volume was huge at 3092 hands A Kuala Lumpur trade negotiator and CBOT market said that "the market reacted too much to news outside the fundamentals" due to concerns about the climate situation in the US soybean producing areas "What we see today is profit taking, closing positions and a correction in yesterday's gains," he added Malaysia's technical correction on Wednesday was the opposite of earlier trading trends in Europe "I don't think the rally is over, but many traders question the price hikes of the past few days because they don't see a real reason, after all, there is no sign of a decline in Malaysian palm oil production," said one trader In Jakarta, luhut pandjaitan, Indonesia's minister of industry and trade, said the government needed more time to consider increasing export tariffs on palm oil In July / August, the offer price of crude palm oil in the South and central regions was 1165 ringgit / ton, the offer price was 1155 ringgit / ton, and the transaction price in the two regions was 1155-1160 ringgit / ton Among refined products: the offer price of RBD palm oil in July / August is US $330 / ton The offer price of RBD brown liquid oil in July / August is 350 USD / ton In July, RBD palm stearin was quoted at US $245 / ton (1 USD = 3.8 ringgit) (author:) share to feed Weibo share to: