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Palm oil up on output concerns

Reuters — Published Mar 16, 2016 06:47am

KUALA LUMPUR: Malay­sian palm oil futures rose on Tuesday as expectations of lower production and a weaker ringgit underpinned prices, shrugging off an announcement of a 5 per cent tax on crude palm oil exports that could hurt demand.

The palm oil contract for May delivery on the Bursa Malaysia Derivatives Excha­nge was up 0.7pc at 2,611 ringgit ($632) per tonne at the close of trade.

Trade volumes stood at 42,345 lots of 25 tonnes each in the trading day.

The contract touched a one-month high of 2,632 ringgit on Monday.

Published in Dawn, March 16th, 2016

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