Malaysian palm oil price erases gains on weaker soyoil, profit taking

Malaysian palm oil futures hit a six-month low in evening trade on Friday and were headed for a third consecutive session of declines, weighed down by a stronger ringgit.

KUALA LUMPUR: Malaysian palm oil futures erased earlier gains to fall to a two-week low on Thursday evening, weighed down by weaker soyoil prices on the Chicago Board of Trade (CBOT) and as traders took profits ahead of a long weekend.

The Malaysian stock market will be closed on Friday for a public holiday.