Date firm exports rise, ringgit falls – Markets
JAKARTA: Malaysian palm oil futures closed higher on Monday after falling to a one-month low on Monday, boosted by strong export data and a weaker ringgit.
Palm oil futures for February on the Bursa Malaysia Derivatives Exchange closed up 0.03 percent at 3,851 ringgit ($841.75) a tonne.
The contract fell as much as 1.51% earlier in the session, its lowest since Oct. 17, tracking losses in Dalian oil amid fresh lockdowns in China.
Cargo surveyor Intertek Testing Services said on Sunday that Malaysia’s exports of palm oil products for November 1-20 rose 9.6 percent from the same period a month earlier, while independent inspection company AmSpec Agri Malaysia reported a 2.9 percent increase. reported a percentage increase.
The Malaysian ringgit, which trades in the palm’s benchmark, fell as much as 0.7 percent against the U.S. dollar on Monday after a general election led to a hung parliament, making edible oil cheaper for foreign currency holders. done
Palm oil posted a 10pc weekly decline on a stronger ringgit.
Apart from export data and a weaker ringgit, some recovery in rival edible oil prices also helped lift dates, a Kuala Lumpur-based trader said.
Dalian’s most active soybean oil contract fell 1.28%, while the palm oil contract fell 0.15%. They lost as much as 2% and 2.38%, respectively, earlier in the day.
Soybean oil prices were 0.34 percent lower on the Chicago Board of Trade.
Palm oil is affected by changes in the prices of related oils as they compete for a share of the global vegetable oil market.