The ringgit gained 1 percent to reach 3.9000 versus the dollar on Thursday evening, its strongest level in seven months. This made palm more expensive for foreign currency holders, as the vegetable oil is traded in ringgit. The palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was 0.9 percent lower at 2,721 ringgit ($698) per tonne at the closing trade.
PETALING JAYA: Crude palm oil (CPO) price is expected to trade in the RM2,500 to RM2,900 per tonne range this month, as palm oil supplies are expected to get tighter due to weaker-than-expected supply, while demand picks up ahead of Ramadan, according to CIMB Research.
“CPO prices rose to a high of RM2,716 per tonne on Apr 5 due to concerns over weaker-than-expected palm oil supplies and smaller-than-expected soybean crops from Argentina as farmers were hit with the worst flood situation in the soybean belt in more than 30 years.
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