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


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%.
Source: Reuters (Reporting by Mei Mei Chu; Editing by Rashmi Aich, Sherry Jacob-Phillips and Shailesh Kuber)





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