Shares of Singapore-listed palm oil firm Golden Agri-Resources (GAGR.SI) fell as much as 3% on Friday on expectations that global stocks of vegetable oils would rise, traders said.
At 10:17 a.m., Golden Agri shares were trading at $0.65 with more than 35.6 million shares changing hands.
At 10:17 a.m., Golden Agri shares were trading at $0.65 with more than 35.6 million shares changing hands.
Its rival Indofood Agri Resources (IFAR.SI) fell 3.1% to $2.21, while larger rival Wilmar International (WLIL.SI) dropped 1.9% to $5.19.
Malaysian crude palm oil futures tumbled to a two-week low on Thursday as traders unwound positions on signs of slowing demand.
“The outlook for palm oil is getting cloudy again and in the short term, it's unlikely that prices will go up,” said a local trader.
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