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Palm oil hits 15-day low

January 13, 2018

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KUALA LUMPUR: Malaysian palm oil futures fell by more than 1 per cent on Friday evening, extending a sharp decline from the previous session to hit their lowest in nearly two weeks, tracking weakness in related edible oils as the ringgit strengthened.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange was down 1.2pc at 2,536 ringgit ($638.79) a tonne at the end of the trading day for a second daily decline. Earlier in the session, it fell to the weakest since January 2 at 2,525 ringgit. For the week, palm was down 2.2pc, its first weekly decline in three. Trading volumes stood at 46,226 lots of 25 tonnes each at the close of trade.

Published in Dawn, January 13th, 2018