The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was last down 0.3% at 1,951 ringgit ($472.28) per tonne at the close of trade. Palm oil looks neutral in a range of 1,944-1,966 ringgit per tonne, and an escape could suggest a direction, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
KUALA LUMPUR: Malaysian palm oil futures fell for a second consecutive session on Thursday evening due to a firmer ringgit and concerns over the longer term outlook for production and exports.
A stronger ringgit, palm's currency of trade, usually makes the edible oil more expensive for foreign buyers.
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