Commodity Tips:- Palm Up After Six Days Of Falls, Supported By Weaker Ringgit

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Malaysian palm oil futures rose in early trade on Wednesday, in line for its first day of gains in seven, correcting from a sharp drop in the previous session and supported by a weaker ringgit.

 

Weakness in the ringgit, palm's currency of trade, typically makes the tropical oil cheaper for holders of foreign currencies, lending support to demand.

 

The ringgit weakened around noon on Wednesday to its lowest level against the dollar since March 1, and was last down 0.1 percent at 3.9250. It has steadily declined in the past month, and has lost 1.6 percent of its value since the start of April.

 

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