KUALA LUMPUR: Malaysian palm oil futures rose more than 1 per cent in afternoon trade on Tuesday, rebounding from a sharp decline earlier in the session, lifted by bullish sentiment on falling production.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was up 0.8 per cent at 2,494 ringgit ($635.41) a tonne at the close for a second consecutive daily gain. It touched an intraday high of 2,508 ringgit but had shed as much as 0.9pc earlier in the session on a stronger ringgit , which usually weighs on the tropical oil by making it more expensive for holders of foreign currencies.
Published in Dawn, January 24th, 2018
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