KUALA LUMPUR: Malaysian palm oil futures fell to a two week low on Friday over concerns of rising stocks, a stronger ringgit and weaker related edible oils.
A stronger ringgit usually makes palm oil more expensive for holders of foreign currencies. The ringgit, palm’s currency of trade, was up 0.1 per cent to 4.1370 against the dollar on Friday evening.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 0.9pc at 2,222 ringgit ($537.10) a tonne on Friday evening, its weakest since Aug 30.
The market is also down 1.9pc for the week, its sharpest weekly decline since mid-July. Trading volumes stood at 56,902 lots of 25 tonnes each at the end of the trading day.
Published in Dawn, September 15th, 2018
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