The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange was down 0.4 percent at 2,809 ringgit ($668.01) a tonne at the close of trade, snapping two earlier sessions of gains. It rose earlier in the session to 2,837 ringgit, its strongest since Nov. 2.
KUALA LUMPUR: Malaysian palm oil futures made their sharpest daily gains in a month on Thursday, tracking rises in soyoil on the Chicago Board of Trade and supported by a weaker ringgit, traders said.
A weaker ringgit, palm's currency of trade, tends to make the tropical oil cheaper for foreign buyers and spurs demand.
Already a subscriber? Log in.
Subscribe now and receive free sooka plan for 1 month. T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
