Malaysian palm oil price snaps winning streak to fall over 1%

Malaysian palm oil futures ended higher on Wednesday, tracking buoyant soy oil and crude oil prices, and prompting short covering among traders.

KUALA LUMPUR: Malaysian palm oil futures on Tuesday snapped four days of gains, as the market corrected lower after a rally ahead of the Lunar New Year holidays, traders said.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was down 1.1 percent at 2,515 ringgit ($638.81) a tonne at the end of the trading day, its sharpest daily fall since Jan. 25.