Palm oil dips

Published June 28, 2016

KUALA LUMPUR: Malaysian palm oil futures took a slight dip in evening trade on Monday after seeing gains in the morning, as traders sold on poorer performing exports and a volatile ringgit.

The ringgit, which tumbled in recent sessions on concerns over Britain’s vote to exit the European Union, fell 0.2 per cent to reach 4.1000 against the dollar in the evening.

A falling ringgit, palm’s currency of trade which dropped 1.9pc on Friday, usually makes the vegetable oil cheaper for holders of foreign currencies.

“The months ahead are going to be difficult for exports. Volatility in the ringgit is soaring, keeping consumers at the sidelines,” he said.

Benchmark palm oil futures for September delivery on the Bursa Malaysia Derivatives Exchange fell 0.04pc to 2,378 ringgit ($580) per tonne at the close of trade. Traded volumes stood at 44,954 lots of 25 tonnes each on Monday evening.

Palm has declined 9.2pc so far this month, its sharpest monthly fall since August 2014. Palm had earlier declined for three consecutive weeks as traders forecast rising output and slowing exports.

Published in Dawn, June 28th, 2016

Opinion

Editorial

Afghan turbulence
Updated 19 Mar, 2024

Afghan turbulence

RELATIONS between the newly formed government and Afghanistan’s de facto Taliban rulers have begun on an...
In disarray
19 Mar, 2024

In disarray

IT is clear that there is some bad blood within the PTI’s ranks. Ever since the PTI lost a key battle over ...
Festering wound
19 Mar, 2024

Festering wound

PROTESTS unfolded once more in Gwadar, this time against the alleged enforced disappearances of two young men, who...
Defining extremism
Updated 18 Mar, 2024

Defining extremism

Redefining extremism may well be the first step to clamping down on advocacy for Palestine.
Climate in focus
18 Mar, 2024

Climate in focus

IN a welcome order by the Supreme Court, the new government has been tasked with providing a report on actions taken...
Growing rabies concern
18 Mar, 2024

Growing rabies concern

DOG-BITE is an old problem in Pakistan. Amid a surfeit of public health challenges, rabies now seems poised to ...