KUALA LUMPUR: Malaysian palm oil futures fell on Friday, in line for their sixth decline in seven sessions, weighed down by a stronger ringgit and expectations of rising production.

Gains in the ringgit, palm’s currency of trade, usually make the edible oil more expensive for foreign buyers. The ringgit rose to its highest in about a year at 4.15 per dollar on Friday.

It was last up 0.4pc at 4.1600 against the dollar. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was down 0.9pc at 2,714 ringgit per tonne.

Palm was also down 3pc so far this week, and set for a third straight week of falls as well as its sharpest weekly decline in two months. Traded volume stood at 37,984 lots of 25 tonnes each.

Published in Dawn, November 18th, 2017