KUALA LUMPUR (June 7): Malaysian palm oil futures dropped to their lowest in two weeks on Friday, hit by a stronger ringgit and market talk of lower exports. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was 1.4% lower at 2,027 ringgit (US$487.61) per tonne at the close. Strength in the ringgit, which is up 0.4% against the U.S dollar, makes palm less attractive for traders holding foreign currencies. A Reuters palm oil survey of eight respondents showed that Malaysia's end-stocks in May are expected to fall 9.7% to 2.46 million tonnes. Palm oil prices are affected by movements in soyoil, with which it competes for global market share.

Source: The Edge Markets June 07, 2019 11:15 UTC