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Vegoils: Palm oil slumps to nearly 3-year low on weaker Dalian oils

Reuters  |  KUALA LUMPUR 

By Emily ChowKUALA LUMPUR (Reuters) - Malaysian palm oil futures dropped to their lowest in nearly three years on Thursday, tracking overnight declines in related edible oils, but trimmed losses later in the session on the back of a weaker ringgit.A weaker ringgit, palm's currency of trade, typically lends support to the edible oil by making it cheaper for foreign buyers. The ringgit weakened 0.1 percent against the dollar to 4.0400 around Thursday noon. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was down 0.1 percent at 2,202 ringgit ...

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First Published: Thu, July 12 2018. 11:55 IST