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Thursday,, October 22, 2009

Palm oil eases on weak crude oil


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Jakarta, Oct. 21 Malaysian crude palm oil futures dropped 0.6 percent on Wednesday, extending a retreat from a five-week peak hit on Monday, pressured by a slide in crude oil price, traders said. The benchmark January contract on the Bursa Malaysia Derivative Exchange settled down 12 ringgit at 2,168 ringgit ($642.37) a tonne. Overall volume was 18,028 lots of 25 tonnes each. Producers in Medan, home to Indonesia's main palm oil export port of Belawan, sold palm oil at 6,599 rupiah a kg against 6,575-6,632 rupiah a kg a day earlier. Refiners in Jakarta offered refined, bleached, deodorised (RBD) palm oil, used as cooking oil, at 6,500-6,600 rupiah a kg against 6,650-6,700 rupiah a day ago.