Malaysian palm oil price down on stronger ringgit, production outlook

Malaysian palm oil futures charted a second consecutive day of losses on Tuesday evening despite seeing gains earlier in the day, as a stronger ringgit, which makes the tropical oil more expensive for foreign buyers and aids demand, weighed on prices.

KUALA LUMPUR: Malaysian palm oil futures edged down at the end of the trading day on Tuesday as a stronger ringgit and expectations of a rise in output in the coming months weighed on the edible oil's prices.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange fell 0.1 percent to 2,431 ringgit ($627.27) per tonne. It earlier hit a one-week low of 2,410 ringgit, matching an intraday low hit on March 20.