Demand concerns, less short covering end multi-day canola surge
All figures in Canadian dollars unless noted
Oct 8 (Reuters) -ICE canola futures fell back off a multi-day climb on Tuesday, which sent them to highs not seen since July, amid a short-covering slowdown and worries that demand will slip, said traders.
Traders said short covering that helped fuel a surge in futures prices on Monday and the previous week decelerated on Tuesday.
There are concerns that there will not be enough demand for canola supplies after the harvest with possible tariffs incoming from China, after it announced a planned anti-dumping probe in September.
"Weak energy markets, a weak soy complex and losses in rapeseed also weighed on canola today," one trader said.
November canola futures RSX4 fell $11 to settle at $616.50 per metric ton.
On the Chicago Board of Trade, December soyoil BOZ24 ended down 1.19 U.S. cents at 43.37 U.S. cents per pound.
Malaysian palm oil FCPOc3 fell 1.22%. Euronext November rapeseed futures COMX4 dropped 1.17%.
Reporting by Renee Hickman; Editing by Shreya Biswas
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