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REUTERS
July 11, 2018
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Palm oil lowers

Business

REUTERS
July 11, 2018

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Kuala Lumpur: Malaysian palm oil futures fell more than 1 percent to a two-year low in early trade on Tuesday, hurt by weaker oils on China´s Dalian Commodity Exchange and a firmer ringgit.

The ringgit rose to its strongest levels against the dollar in two weeks around noon on Tuesday, and was up 0.5 percent at 4.0080 per dollar at 0240 GMT. A stronger ringgit, palm´s traded currency, makes the edible oil more expensive for foreign buyers.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was down 1.4 percent at 2,237 ringgit ($558.13) a tonne at the midday break, its sharpest fall in three weeks.

It earlier touched 2,235 ringgit, its lowest level since July 15, 2016.Trading volumes stood at 26,602 lots of 25 tonnes each at Tuesday noon.

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