KUALA LUMPUR: Malaysian palm oil futures edged up to their highest in over two weeks on Friday to record their biggest weekly gain in four months, buoyed by a weak ringgit and firm overseas soy markets.
Benchmark prices hit three-week lows on Monday before reversing course to follow a surge in Chinese and US soy markets, with robust export demand and a weakening Malaysian currency fuelling the rally.
Prices have risen 3.8 per cent this week, the strongest weekly rise since early February.
The August contract on the Bursa Malaysia Derivatives exchange rallied to 2,223 ringgit, its highest since May 13, before settling at 2,217 ringgit a tonne by Friday’s close, 0.4pc higher.
Published in Dawn, May 30th, 2015
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