(March 3): Malaysian palm oil futures recovered on Thursday after two straight days of declines, tracking competing vegetable oils to end the trading day higher, despite a stronger ringgit.
The palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange gained 0.4% to reach RM2,501 (US$605.57) per tonne at the close.
Palm oil earlier hit RM2,470, the weakest since Feb 2 after also hitting one-month lows in the two previous sessions. Traded volume stood at 49,846 lots of 25 tonnes on Thursday.
"The market recovered from its oversold condition ... and tracking soyoil recovery," a trader based in Kuala Lumpur said.
Palm was pressured for most of the day by a stronger ringgit, which gained 0.7% against the dollar to reach 4.1300 in evening trade. Palm oil is supported by a weaker ringgit, the currency it is traded in, as it makes the tropical oil cheaper for holders of foreign currencies.
No comments:
Post a Comment