KUALA LUMPUR: Malaysian palm oil futures reversed earlier losses to rise to their highest in nearly five months on Wednesday evening, charting a fourth day of gains, on a weaker ringgit and tracking gains in US soyoil on the Chicago Board of Trade.
The market had earlier declined on overnight weakness in crude oil prices and profit booking by investors. The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange gained 0.9 per cent to 2,283 ringgit ($552.12) a tonne at the close of trade.
It earlier rose as much as 1.1pc to 2,288 ringgit, its strongest levels since Sept 6.
Trading volumes stood at 33,984 lots of 25 tonnes each at the end of the trading day.
Published in Dawn, January 24th, 2019
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