KUALA LUMPUR: Malaysian palm oil futures declined for a fourth day on Wednesday, falling to their weakest levels since the start of the year on expectations of weaker demand, a stronger ringgit currency and weaker related edible oils. Gains in the ringgit, palm’s currency of trade, usually make the edible oil more expensive for foreign buyers.

The ringgit was last up 0.1 per cent against the dollar at 4.0640 and are trading at its strongest levels in about six months. The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange dropped 2.3pc to 2,132 ringgit ($524.61) a tonne at the close of trade. It earlier fell to 2,129 ringgit, its lowest levels since December 31.

Published in Dawn, February 28th, 2019