Palm reverses losses to gain slightly on US soyoil surge

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 rose slightly at the close of trade on Wednesday, their fifth consecutive day of gains, tracking stronger soyoil prices on the Chicago Board of Trade.

Palm was down earlier on the announcement of a U.S. decision to impose duties on biodiesel imports from Indonesia and Argentina. The U.S. Commerce Department on Tuesday made a preliminary finding that imports of biodiesel from the countries were subsidized, a U.S. industry lobby group said.