Malaysian palm oil futures declined sharply in late trade on Tuesday after five straight sessions of gains, tracking weakness in related edible oils on China's Dalian Commodity Exchange and also on data from the Malaysian Palm Oil Board (MPOB)
KUALA LUMPUR: Malaysian palm oil futures reversed gains on Tuesday after hitting a five-week high, with sentiment dented by weakness in the Chicago Board of Trade (CBOT) soyoil and expectations of slower export growth.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange was down 0.4 percent at 2,777 ringgit ($656) a tonne by Tuesday evening after rising as much as 0.8 percent to 2,808 ringgit, their highest since Sept. 19, earlier in the session.
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