(March 2): Malaysian palm oil futures fell to their lowest in a month on Wednesday, weighed down by a stronger ringgit and weak export demand.
The palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed 1.9% lower at its intra-day low of 2,488 ringgit (US$598) per tonne at the end of the trading day. The contract closed at its weakest level since Jan 29.
Traded volume stood at 31,613 lots of 25 tonnes each.
"The dollar is weaker and demand is still slow," said a trader from a brokerage firm in Kuala Lumpur.
A weaker dollar on Wednesday pushed the ringgit to 4.1600, up 0.1% against the greenback in evening trade. A stronger ringgit, the currency palm oil is traded in, makes the tropical oil more expensive for holders of foreign currencies.
No comments:
Post a Comment