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Palm oil trades at six-month lows

2017-04-13
KUALA LUMPUR: Malaysian palm oil futures fell on Wednesday, falling to their lowest in six months, tracking weaker overnight soyoll on the Chicago Board of Trade and on concerns about higher output.

The benchmarl( contract for June delivery on the Bursa Malaysia Derivatives Exchange was down 0.9 per cent at 2,589 ringgit ($585.08) a tonne at the close of trade.

It fell to 2,568 ringgit earlier in the afternoon session, its lowest since Oct 11.

The benchmark recorded its fourth decline in five sessions.

Traded volumes stood at 54,650 lots of 25 tonnes each at the end of the trading day.

Data from industry regulator, the Malaysian Palm Oil Board (MPOB), showed that output surged 16.3pc to 1.46 million tonnes in March, its first monthly gain since September, and its strongest on-month rise in more than a year.-Reuters