CPO sheds early gains after traders flag short-lived recovery

The Malaysian Palm Oil Council on Monday said exports are likely to increase further in the second half of the year, but a leading analyst cautioned that the global consumption of the edible oil would fall for the first time on record.

KUALA LUMPUR: Malaysian palm oil futures shed early gains on Tuesday as traders feared that the surge in demand and exports would eventually lose steam if there is a second wave of Covid-19.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange slipped 19 ringgit, or 0.78%, to 2,426 ringgit ($567.88) a tonne by the midday break, after rising as much as 0.86%.