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November 16, 2017
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Palm oil declines

Business

November 16, 2017

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KUALA LUMPUR: Malaysian palm oil futures hit their lowest in nearly one month on Wednesday, tracking weakness in crude oil and as the ringgit strengthened.

The Malaysian currency hit its strongest in about a year against the dollar and was last up 0.3 percent at 4.1820 around noon.  Gains in the ringgit, the currency of trade for palm, usually make the edible oil more expensive for foreign buyers.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange was 0.1 percent lower at 2,714 ringgit ($648.97) a tonne at the midday break, down for a fifth straight session.

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