KUALA LUMPUR: Malaysian palm oil futures recovered from a one-week low hit earlier on Thursday as traders forecast slowing output amid some short-covering.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 0.5 per cent at 2,005 ringgit ($481.74) a tonne at the close. It earlier dropped to 1,979 ringgit, its lowest since Nov 28, tracking weakness in other related edible oils and crude. Trading volumes stood at 49,351 lots of 25 tonnes each at the end of the trading day.

Palm oil is impacted by movements of other edible oils, as they compete for a share in the global vegetable oil market.

Published in Dawn, December 7th, 2018