Malaysian palm price drops over 1% on bearish data, soyoil weakness

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was down 1 percent at 2,191 ringgit ($537.80) a tonne at the end of the trading day. Trading volume stood at 49,614 lots of 25 tonnes each at the close of trade.

KUALA LUMPUR: Malaysian palm oil futures fell more than 1 percent in its fourth straight session of losses on Wednesday evening, tracking weakness in soyoil and bearish data for August released by the Malaysian Palm Oil Board (MPOB).

Palm oil stockpiles in August rose 12.4 percent from a month earlier to 2.49 million tonnes, while production gained 7.9 percent to 1.62 million tonnes, data released by the industry regulator during the midday break showed.