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Wednesday, February 28, 2024

Palm gains for fourth day on weaker ringgit, stronger rivals

KUALA LUMPUR: Malaysian palm oil futures were set on Friday for their first weekly gain in four as prices rose further on the back of a weaker ringgit and stronger rival edible oils.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange rose 9 ringgit, or 0.23%, to 3,932 ringgit per metric ton in early trade, extending gains for a fourth session.

Palm oil hits near three-week closing high

For the week, the contract has risen 5.9% so far.

Palm gains for fourth day on weaker ringgit, stronger rivals

Source: Brecorder

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