Palm climbs on stronger crude, weak ringgit; set to end two-week decline – Markets

KUALA LUMPUR: Malaysian palm oil futures edged higher on Friday, supported by stronger crude oil prices and a weaker ringgit, though weaker Chicago soyoil capped the gains.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange gained 24 ringgit, or 0.58%, to 4,141 ringgit ($1,059.35) a metric ton in early trade.

The contract has gained 2% so far this week and is poised to snap a two-week losing streak.

KUALA LUMPUR: Malaysian palm oil futures edged higher on Friday, supported by stronger crude oil prices and a weaker ringgit, though weaker Chicago soyoil capped the gains.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange gained 24 ringgit, or 0.58%, to 4,141 ringgit ($1,059.35) a metric ton in early trade.

The contract has gained 2% so far this week and is poised to snap a two-week losing streak.