VEGOILS-Palm oil falls for second week on firmer ringgit, demand woes


Updates with closing prices

KUALA LUMPUR, Jan 13 (Reuters)Palm oil futures in Malaysia on Friday logged a second consecutive weekly loss and fell to their lowest levels in three weeks, dented by a stronger ringgit and tepid demand.

The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange slid 69 ringgit, or 1.76%, to 3,842 ringgit ($886.48) a tonne.

For the week, the contract lost 5.2%.

The ringgit MYR=, palm’s currency of trade, rose 0.53% against the dollar, making the commodity more expensive for buyers holding other currency.

Dalian’s most-active soyoil contract DBYcv1 dipped 0.02% while its palm oil contract DCPcv1 fell 0.5%. Soyoil prices on the Chicago Board of Trade BOcv1 slipped 0.3%.

($1 = 4.3350 ringgit)

(Reporting by Mei Mei Chu; Editing by Rashmi Aich, Sherry Jacob-Phillips and Shailesh Kuber)

((Meifong.chu@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



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