Malaysian palm oil futures closed lower on Thursday

on sentiment, Kenanga Futures said in a note. However, the analysts added, potential bargain hunting and expectations of lower production could mitigate further declines. The benchmark FCPO1 palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange fell 24 ringgit, or 0.59%, to 4,037 ringgit (US$1,035.39) per metric tonne. “The strengthening ringgit continues to weigh on export competitiveness and dampen buying interest. Meanwhile, Dalian palm olein oil prices have declined, adding to pressure on the entire vegetable oils industry,” said Kang Wei Cheang, an analyst at Singapore-based StoneX, an agricultural commodities firm. Traders are also analyzing the conflicting opinions expressed at a price forecasting conference in Kuala Lumpur, and no new drivers are expected in the near term, he said. The ringgit strengthened 0.31% against the dollar, making the commodity more expensive for buyers holding foreign currency. The most actively traded Dalian soybean oil ...