KUALA LUMPUR: Malaysian palm oil futures eased on Monday as early October exports declined ahead of Malaysian Palm Oil Board (MPOB) data, although the contract remained near a record high hit last week.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange slid 23 ringgit, or 0.46%, to 4,943 ringgit ($1,186.51) a tonne during early trade.
Exports of Malaysian palm oil products for October 1-10 fell 7.6% to 528,901 tonnes from the same period in September, cargo surveyor Intertek Testing Services said on Sunday.
The market is awaiting data from the Malaysian Palm Oil Board due later in the day with expectations of a drawdown in September inventories.
The ringgit, palm’s currency of trade, rose 0.24% against the dollar after the government lifted interstate and international travel restrictions, making the commodity more expensive for holders of foreign currency.
Dalian’s most-active soyoil contract rose 0.5%, while its palm oil contract gained 1.3%. Soyoil prices on the Chicago Board of Trade gained 0.1%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.