JAKARTA: Malaysian palm oil futures traded range-bound on Friday while set to post their first monthly gain in three months as strength in rival oils and weakness in the Malaysian ringgit lent support.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange lost 9 ringgit, or 0.2%, to 4,502 ringgit ($1,008.51) a metric ton in early trade.
Palm oil falls on weak rival oils, bearish outlook
The contract has risen 4.97% for the month despite being set to post its first weekly drop in six weeks.
On Friday, the contract was traded between 4,451 ringgit and 4,535 ringgit compared to 4,509 ringgit closing in the previous session.
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