The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange fell 0.9% to 2,462 ringgit ($591.26) per tonne, recording its biggest percentage drop since Oct. 14. "The dip was mainly on a firmer ringgit and profit taking ahead of the weekend as the market buying was overdone, " a Kuala Lumpur-based analyst told Reuters.
SINGAPORE: Malaysian palm oil futures tumbled on Friday, weighed by a stronger ringgit and as panic buying on supply shortage worries eased.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange fell 0.9% to 2,462 ringgit ($591.26) per tonne, recording its biggest percentage drop since Oct. 14.
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