JAKARTA: Malaysian palm oil futures ended higher on Friday, posting their first weekly gain after eight consecutive weekly declines, on the back of other commodity markets and a weaker ringgit. The benchmark palm oil contract for November on the Bursa Malaysia Derivatives market rose 3.4 per cent to 1,994 ringgit ($475.67) a tonne, its biggest increase since June 1.

That followed a 3pc gain in the previous session. Traded volume stood at 55,024 lots of 25 tonnes each, well above the roughly 35,000 tonnes average daily trading volume.

“The market is going for further retracement after an oversold palm,” said a trader in Kuala Lumpur.— Reuters

Published in Dawn, August 29th, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play