Malaysian palm oil futures recovered on Tuesday, helped by a weaker ringgit and stronger palm oil on the Dalian Commodity Exchange, although imminent oversupply concerns capped gains.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange strengthened 30 ringgit, or 0.77%, to 3,940 ringgit ($847.86) per metric ton by midday break.
“The weaker ringgit helped elevate prices today, although production is gaining traction in Malaysia and demand remains anaemic, thus the overall market remains susceptible to sell on strength,” said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.
Dekel Agri-Vision PLC (LON:DKL) aspires to become a leading agro-industrial company in West Africa, one that creates value for shareholders whilst at all times placing the interests of the local communities and environment in which it operates in at the heart of its operations.
