Malaysian palm oil price hits 10-month low on stronger ringgit, rising output

Malaysian palm oil futures hit a six-month low in evening trade on Friday and were headed for a third consecutive session of declines, weighed down by a stronger ringgit.

KUALA LUMPUR: Malaysian palm oil futures hit a 10-month low in the second half of trade on Tuesday on the back of a stronger ringgit, while expectations of rising output and weaker export growth also weighed on the market.

The ringgit, palm oil's currency of trade, gained 0.1 percent to 4.2610 per dollar around on Tuesday evening. It earlier reached 4.2570, its strongest in a week. A firmer ringgit typically makes palm oil more expensive for holders of foreign currencies.