KUALA LUMPUR: Malaysian palm oil futures rose on Monday in a second session of gains, supported by a weaker ringgit and better demand prospects. A weakening of palm oil's traded currency usually makes it cheaper for holders of other currencies. "The weaker ringgit supported the market," a futures trader in Kuala Lumpur said, adding that expectations of better exports also lent support to the market. Data from cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia showed that palm oil shipments from Malaysia rose 3-4 percent in August. In other related oils, the January soybean oil contract on China's Dalian Commodity Exchange closed up 0.4 percent, while the Dalian January palm oil contract closed flat.

Source: The Star September 03, 2018 22:30 UTC