Palm muted by firmer ringgit despite gains in crude

Malaysian palm oil futures traded flat on Wednesday as a firmer ringgit weighed on the market, though the currency pressure was offset by stronger crude oil prices. The benchmark palm oil contract FCPO1! for March delivery on the Bursa Malaysia Derivatives Exchange shed 1 ringgit, or 0.02%, to 4,035 ringgit ($998.02) a metric ton at the close. The contract rose 3.35% in the last two sessions. The palm oil market was marginally lower amid a stronger ringgit, said a Kuala Lumpur-based trader. The ringgit firmed to around 4.0550 at the midday break, its strongest level since March 5, 2021, the trader said. The ringgit USDMYR, palm’s currency of trade, strengthened 0.42% against the dollar, making the commodity more expensive for buyers holding other currencies. Dalian’s most-active soyoil contract (DBYcv1) fell 0.05%, while its palm oil contract CPO1! added 0.47%. Soyoil prices on the Chicago Board of Trade ZL1! were up 0.37%. Palm oil tracks price movements of rival edible oils, as ...