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.
"The market seems to expect weaker exports numbers, ahead of the data release later this week," a Kuala Lumpur-based futures trader said of the price move.
In other related oils, the Chicago July soybean oil contract edged up 0.2%. The September soyoil contract on the Dalian Commodity Exchange rose 0.3% and the Dalian September palm oil contract was also up 0.1%.
Palm oil prices are affected by movements in related edible oils, with which it competes for global market share. - Reuters