Malaysian palm oil price falls more than 1% on bearish production outlook

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 1.5% at 2,058 ringgit ($500.36) per tonne at the close of trade. This marks its fourth straight session of progress, and its strongest daily gains in six weeks. It earlier rose as much as 1.6% to 2,062 ringgit, its highest levels since June 7.

KUALA LUMPUR: Malaysian palm oil futures reversed earlier gains to close 1 percent down on Friday, falling on bearish production outlooks to chart the biggest weekly drop since early November.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was finished 1.1 percent down at 2,010 ringgit ($485.39) a tonne for its sixth decline in as many sessions.