Palm oil recovers its losses and ends higher
Malaysian palm-oil futures recovered from early losses on Tuesday, aided by bargain buying. The Dalian market also pared some losses.
The benchmark palm-oil contract for February delivery at Bursa Malaysia's Derivatives exchange was up 11 Ringgit or 0.27% at?4,104 Ringgit ($997.81).
The contract fell by 0.8% in the earlier session.
A trader in Kuala Lumpur said that bargain-buying would continue for the next one to two weeks.
Dalian's most actively traded?palm oil contract decreased by 1.12%, while its soyoil contract fell 0.85%. Prices of soyoil on the Chicago Board of Trade increased by 0.21%.
As palm oil competes to gain a share in the global vegetable oils markets, it tracks the price changes of competing edible oils.
The Malaysian Ringgit, the?palm industry's currency, fell 0.07% in value against the U.S. dollar, making it cheaper for holders of foreign currencies.
Indonesia will also require natural resource exporters, starting in January 1, to keep?all their foreign currency earnings for at least one year and to limit the use of those funds.
(source: Reuters)
