WRAPUP 1-Buyers snap up cheap palm as price continues to slump

Newswire

(Writes through, updates throughout) By Niluksi Koswanage KUALA LUMPUR, Aug 26 (Reuters) - Buyers have been snapping up cheap palm oil, traders and industry officials said on Tuesday, but the prospect of defaults and rising supply still hangs over the market. Malaysian palm futures tumbled 6 percent, bringing losses this week to more than 10 percent, after leading industry analyst Dorab Mistry painted a bearish picture and Dalian soyoil fell by its daily limit. This was despite ...

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