Palm oil snaps rally

22 Nov 2019

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KUALA LUMPUR: Malaysian palm oil futures snapped a three-day rally on Thursday, slipping from a two-year high hit earlier in the session due to fall in rival oils and profit taking by traders, but a weaker ringgit capped losses.

The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange ended 0.8 per cent lower at 2,663 ringgit ($638.92) per tonne, after touching 2,709 ringgit earlier in the session, its highest level since Nov. 17, 2017.

The Dalian Commodities Exchange’s January palm oil contract plunged 0.3pc as traders locked in profits after it reached a new record high in the previous session. The losses were capped by a weaker ringgit, which fell 0.1pc against the dollar on Thursday, making the edible oil cheaper for holders of foreign currencies.

Published in Dawn, November 22nd, 2019