Malaysian palm oil futures fell in evening trade on Thursday, reversing earlier gains as weaker demand weighed on prices and traders took profits ahead of official data due next week.
KUALA LUMPUR: Malaysian palm oil futures declined to their lowest levels in nearly two weeks on Wednesday evening, as the ringgit recovered from a one-week low against the dollar and as traders cashed in on slow exports and improving output.
A stronger ringgit, the currency palm oil is traded in, makes the vegetable oil more expensive for foreign currency holders. The ringgit rose 0.3 percent to trade at 3.91 to the dollar in the evening, having slumped to its lowest level in a week to 3.9495 on Tuesday following news of a Malaysian state-fund defaulting on a bond interest payment.
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