KUALA LUMPUR: Malaysian palm oil futures hit a one-week high during trade on Tuesday, reversing losses made earlier in the day and supported by a weaker ringgit and expectations of weaker than forecast production.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange closed up 0.6 per cent at 2,173 ringgit ($526) a tonne, its strongest daily gains in two weeks. It had earlier fallen to 2,139 ringgit, its weakest level since April 2, before rebounding to a one-week high of 2,184 ringgit.
Published in Dawn, April 17th, 2019
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