KUALA LUMPUR: Malaysian palm oil futures fell on Wednesday evening on a strengthening ringgit and forecasts of higher production.
Benchmark palm oil futures for April delivery on the Bursa Malaysia Derivatives Exchange had declined 0.3pc to 3,150 ringgit ($709) a tonne by the end of the trading day. Traded volumes stood at 44,012 lots of 25 tonnes each on Wednesday evening.
Palm oil output is seen rising by 12pc this year to 19.4 million tonnes from 17.4m tonnes in 2016, the Malaysian Palm Oil Board said at a conference in Kuala Lumpur on Tuesday.
Published in Dawn, January 19th, 2017
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