Malaysian palm oil price slips on higher inventory outlook, weaker crude oil

Malaysian palm oil futures edged up at the close of trade on Friday, but remained largely caught in a range as demand remained tepid.

KUALA LUMPUR: Malaysian palm oil futures fell on Wednesday evening, snapping three previous days of gains, on forecasts of rising inventory levels, weaker crude oil prices and a market correction.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 0.3 percent at 2,291 ringgit ($552.58) a tonne at the close of trade, after earlier hitting a two-month high of 2,303 ringgit.