KUALA LUMPUR: Malaysian palm oil futures ended lower on Thursday and snapped two sessions of gains after hitting a 20-month high earlier in the session, on the back of a stronger ringgit and weaker export demand.

The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose as much as 0.82 per cent to 2,568 ringgit a tonne, its highest since May 19, 2014, before settling down 0.6pc 2,531 ringgit ($610.62) per tonne.

Traded volume stood at 48,968 lots of 25 tonnes each.

“The ringgit is firmer, and there are expectations of a bumper crop in Brazil,” said a trader from Kuala Lumpur, referring to soybean output in the South American country.

An oversupply of soybeans from South America would send soyoil prices lower, narrowing its spread with palm oil.

A discount would help soyoil grab market share from palm oil in top consumers China and India, who favour importing soybeans to crush for domestic consumption.

Published in Dawn, February 5th, 2016

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.