KUALA LUMPUR: Malaysian palm oil futures fell on Monday, down for a fifth session in six, as subdued demand, rising production, and losses in rival edible oils weighed on the market.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange slid 53 ringgit, or 1.52%, to 3,428 ringgit ($772.94) a tonne.
Trading was depressed by the same factors from last week – surging palm production outlook for May, losses in related soybean oil, resumption of sunflower oil supply from the Black Sea, and a sluggish Malaysia May export outlook, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.
Source: Brecorder
