Malaysian palm oil futures fell at closing trade on Friday evening, weighed down by a stronger ringgit which triggered some selling, but recorded its first weekly gain in three on expectations of lower-than-expected output and steady Ramadan demand.
The ringgit hit 4.0600 per dollar earlier in the day, its strongest level in more than a week, before settling at 4.0760 on Friday evening.
A stronger ringgit, the currency of trade for palm oil, makes it cheaper for holders of foreign currencies.
The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange declined 0.8 percent to reach 2,558 ringgit ($628) per tonne in the evening, after hitting an intraday low of 2,555 ringgit.
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The ringgit hit 4.0600 per dollar earlier in the day, its strongest level in more than a week, before settling at 4.0760 on Friday evening.
A stronger ringgit, the currency of trade for palm oil, makes it cheaper for holders of foreign currencies.
The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange declined 0.8 percent to reach 2,558 ringgit ($628) per tonne in the evening, after hitting an intraday low of 2,555 ringgit.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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