KUALA LUMPUR: Malaysian palm oil futures reversed earlier gains to fall at the close of trade on Friday, tracking related edible oils on China’s Dalian Commodity Exchange which erased some gains.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was last down 0.4 per cent at 2,192 ringgit ($524.90) per tonne in the evening, charting a second day of losses after seven previous session of wins.

The market, however, is up 0.6pc for the week for a second straight week of gains. Palm oil may test a support at 2,160 ringgit per tonne, a break below which could cause a fall to 2,113 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

Published in Dawn, August 17th, 2019