KUALA LUMPUR: Malaysian palm oil futures rose on Monday in a second session of gains, supported by a weaker ringgit and better demand prospects.
A weakening of palm oil’s traded currency usually makes it cheaper for holders of other currencies. The ringgit fell 0.5 per cent to 4.1270 against the dollar, its weakest since Nov 22.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange closed up 0.4pc at 2,258 ringgit a tonne, after hitting an intraday high of 2,260 ringgit. Trading volume stood at 28,226 lots.
Published in Dawn, September 4th, 2018