Palm ends two-day gains on firmer ringgit

Malaysian palm oil futures snapped two consecutive sessions of gains on Wednesday, as a firmer ringgit that made the commodity more expensive for buyers holding foreign currencies weighed on the market. The benchmark palm oil contract FCPO1! for January delivery on the Bursa Malaysia Derivatives Exchange slid 12 ringgit, or 0.29%, to 4,125 ringgit ($976.56) a metric ton at the close. The contract rose 0.61% in the last two sessions. The market traded lower with the stronger ringgit weighing on sentiment, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. The ringgit USDMYR, palm’s currency of trade, strengthened 0.07% against the U.S. dollar to 4.133, as of 1030 GMT, hitting its highest level in a year. Dalian’s most-active soyoil contract (DBYcv1) rose 0.44%, while its palm oil contract CPO1! shed 0.09%. Soyoil prices on the Chicago Board of Trade ZL1! were down 0.2%. Palm oil tracks price movements of rival edible oils, as it competes for a ...