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Palm rises to highest in five months on weaker ringgit, stronger soyoil

Although the market was earlier down, another futures trader had said it could firm up as palm oil export data so far showed rising demand

Emily Chow | Reuters  |  Kuala Lumpur 

Malaysian palm oil futures reversed earlier losses to rise to their highest in nearly five months on Wednesday evening, charting a fourth day of gains, on a weaker ringgit and tracking gains in U.S. soyoil on the Chicago Board of Trade. The market had earlier declined on overnight weakness in crude oil prices and profit booking by investors. The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange gained 0.9 per cent to 2,283 ringgit ($552.12) a tonne at the close of trade. It earlier rose as much as 1.1 percent to 2,288 ringgit, its ...

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First Published: Wed, January 23 2019. 23:16 IST