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Palm oil hits fresh 6-month high on lower output forecast

Data released by a state millers association earlier this week showed slower output growth for the first 20 days of August compared with a month earlier

Palm Oil | Palm oil prices | Crude Palm Oil

Reuters  |  Kuala Lumpur 

Malaysian palm oil futures fell on Friday after three straight sessions of gains, tracking weakness in overnight US soyoil prices. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 0.3 per cent at 2,249 ringgit ($537.01) per tonne around noon. "Palm prices are mirroring overnight declines in rival oilseed soyoil," said a Kuala Lumpur-based futures trader, adding that profit-taking was also seen. Palm hit a six-month high of 2,265 ringgit in the previous session, and has gained 2.6 per cent so far this week on ...

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First Published: Fri, August 23 2019. 11:35 IST