KUALA LUMPUR: Malaysian palm oil futures rose on Thursday, reversing losses from the previous two sessions, as a weaker ringgit offset the impact of an increase in crude palm oil export tax.
Malaysia raised its October crude palm oil export tax to 6.5 per cent from 5pc in September, a government circular said.
Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange rose 1.2pc to 2,594 ringgit ($627) a tonne at the close of trade.
However, palm still charted its first weekly fall after two previous weekly gains. It was down 1.7pc for the week, its sharpest weekly decline in more than two months. Friday is a public holiday in Malaysia. Traded volumes on Thursday were 58,606 lots of 25 tonnes each, higher than the 2015 average of 44,600.
