close
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!
REUTERS
January 12, 2018

Palm oil drops

Business

REUTERS
January 12, 2018

Kuala Lumpur : Malaysian palm oil futures fell over one percent in early trade on Thursday, as a stronger ringgit and overnight falls in soy oil on the Chicago Board of Trade weighed on the market.

Gains in the ringgit, palm’s currency of trade, usually makes the tropical oil more expensive for foreign buyers.

The ringgit had strengthened 0.4 percent to 3.9880 per dollar by noon.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange was down 1.1 percent at 2,594 ringgit ($650.45) a tonne at the midday break.

Trading volumes stood at 15,067 lots of 25 tonnes each at the midday break.

“Palm is down mirroring weakness in overnight soy oil and current strength in the ringgit,” said a trader from Kuala Lumpur.

Another trader said higher inventories also weighed on the market, which would trade range bound until export data indicated a clearer trend.

Topstory minus plus

Opinion minus plus

Newspost minus plus

Editorial minus plus

National minus plus

World minus plus

Sports minus plus

Business minus plus

Karachi minus plus

Lahore minus plus

Islamabad minus plus

Peshawar minus plus