SINGAPORE: Malaysian palm oil futures traded sideways on Friday, ahead of a long weekend, as investors mulled over lower rival oil prices and a weaker ringgit.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed up 10 ringgit, or 0.25%, to 3,946 ringgit ($836.55) a metric ton.
The contract, however, dipped 0.73% this week to mark its second week-on-week decline. Palm oil was seen trading sideways ahead of a long weekend as the Bursa Malaysia Derivatives Exchange will be closed on Monday for the Hari Raya Haji holiday, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.—Reuters
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