KUALA LUMPUR: Palm futures hit their highest in more than four years on Friday before easing to close in negative territory on weakness in related oils and a stronger ringgit.

Palm oil prices often track the movements of related vegetable oils, such as soyoil, on the Chicago Board of Trade and China’s Dalian Commodity Exchange as they compete for a share in the global vegetable oils market.

Benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange were down 0.1 per cent at 3,076 ringgit ($691) a tonne at the end of the trading day.

Published in Dawn, December 3rd, 2016