Malaysian palm oil prices pause on expectations of poor export data

Malaysian palm oil futures rose nearly 2 percent on Tuesday, hitting their highest in nearly three weeks, as production rose more slowly than expected.

KUALA LUMPUR: Malaysian palm oil futures closed lower on Tuesday, erasing earlier gains which were driven by Chicago Board of Trade (CBOT) soyoil prices and a softer ringgit, as traders responded to speculation of weaker export data.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed 0.6% lower at 2,022 ringgit ($483.73) per tonne.