KUALA LUMPUR: Malaysian palm oil futures declined on Thursday, as profit taking and the weakness in the Chicago soyoil contract weighed down the market.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange fell 14 ringgit, or 0.33%, to 4,182 ringgit ($991.47) a metric ton at the close.
Malaysian palm oil futures declined due to profit taking activities after the recent gains in the previous session, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd.
“The decline is also influenced by the overnight weakness in the Chicago soyoil market.”
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Palm rises on stronger crude oil, Chicago soyoil and weaker ringgit
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The ringgit, palm’s currency of trade, weakened 1.2% against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies.
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Source: Brecorder
