Palm falls on weaker rival oils, but still set for third weekly gain
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Malaysian palm oil futures opened lower on Friday, dropping 33 ringgit (0.79%) to 4,164 ringgit/ton, pressured by weaker rival edible oils. Despite the decline, the benchmark April contract is still on track for a third consecutive weekly gain, up 2.60% so far.
KUALA LUMPUR: Malaysian palm oil futures opened lower on Friday, weighed down by weaker rival edible oils, but still remained on track for a third weekly gain.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange slid 33 ringgit, or 0.79%, to 4,164 ringgit ($1,035.82) a metric ton in early trade.
The contract has so far risen 2.60% this week.
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Source : Business Recorder
