KUALA LUMPUR: Palm oil futures pared most of early losses and rose on Friday ahead of a government data release, as polls forecast inventory levels in August falling to an over one-year low.
The market was down in earlier trade weighed by weakness in overnight soyoil on the US Chicago Board of Trade and a stronger ringgit, which typically makes the edible oil more expensive for holders of foreign currencies.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was last up 1per cent at 2,203 ringgit per tonne in the evening, its strongest daily gains since Aug 22.
It earlier rose as much as 1.6pc to 2,216 ringgit, but is down 1.4pc for the week in a second weekly decline.
Published in Dawn, September 7th, 2019
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