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Malaysian palm oil futures rose for a second session on Monday. The ringgit fell 0.5 percent to 4.1270 against the dollar, its weakest since Nov.
22, and demand prospects improved.
A weaker ringgit makes palm oil cheaper for buyers holding other currencies, which supports export demand and lifts futures prices.
thestar.com.myThe Star OnlineSep 3, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Directly reports palm futures rising on Sept 3 as the ringgit hit its weakest since November (making palm cheaper for foreign buyers) and demand prospects improved.
Weaker ringgit (weakest since Nov) and improved demand lifted futures on Monday, setting up the momentum and currency tailwind that carried into Tuesday.
