KUALA LUMPUR: Malaysian palm oil futures rose on Monday, shadowing higher US soyoil prices on the Chicago Board of Trade (CBOT), while a softer ringgit also supported.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was up 0.8 per cent at 2,035 ringgit ($487.19) per tonne at the day’s close.

Palm oil fell last week on weaker soyoil prices and worries of slowing export demand. Cargo surveyor Intertek Testing Services said on Saturday Malaysian palm oil products for June 1-15 dropped 22.5pc from a month earlier, while independent inspection company AmSpec Agri Malaysia saw an 18.9pc decline in the same period.

Published in Dawn, June 18th, 2019