KUALA LUMPUR: Malaysian palm oil futures reversed gains and fell for a fourth straight session on Tuesday as the strengthening ringgit eventually weighed on prices.
The February benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange dropped 0.3 per cent to 2,275 ringgit ($536.30) a tonne by the close.
“The dollar is weaker and exports are expected to slow, so we’re seeing some pressure on palm oil,” one Kuala Lumpur-based trader said.
Traders are expecting data from cargo surveyors Intertek Testing Services and Societe Generale de Surveillance for Nov. 1-25 — due on Wednesday — to show a slowdown or minimal rise in palm oil exports compared with the same period in October.
Traded volume stood at 29,618 lots of 25 tonnes each at the end of the day.
Published in Dawn, November 25th, 2015
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