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 0.6pc 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 0.2pc. The September soyoil contract on the Dalian Commodity Exchange rose 0.3pc and the Dalian September palm oil contract was also up 0.1pc.
Palm oil prices are affected by movements in related edible oils, with which it competes for global market share.
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