KUALA LUMPUR: Malaysian palm oil futures rose marginally on Wednesday as lower production numbers stirred some interest despite slower buying from India capping the gains.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange was up 0.16 per cent at 2,489 ringgit ($638.21) a tonne. Trading volumes were robust, with 55,723 lots of 25 tonnes each during the first half.
“The Indian rupee has fallen a lot, so buying power from India has reduced. The market is expecting India will not buy aggressively for now,” a Kuala Lumpur-based trader said.
Published in Dawn, February 22nd, 2018
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