KUALA LUMPUR: Malaysian palm oil futures fell on Friday after three straight sessions of gains, tracking weakness in overnight U.S. soyoil prices.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 0.3% at 2,249 ringgit ($537.01) per tonne around noon.
"Palm prices are mirroring overnight declines in rival oil-seed soyoil," said a Kuala Lumpur-based futures trader, adding that profit-taking was also seen.
Palm hit a six-month high of 2,265 ringgit in the previous session, and has gained 2.6% so far this week on slower-than expected output and stronger exports.
Data released by a state millers association earlier this week showed slower output growth for the first 20 days of August compared with a month earlier, according to traders.
Malaysian palm oil exports during Aug. 1-20 rose between 6.2% and 13% from a month ago, data from cargo surveyors showed.
Meanwhile, U.S. soyoil futures on the Chicago Board of Trade declined 0.8% on Thursday, and were last down 0.03% on Friday.
In other related oils, the September soyoil contract on the Dalian exchange eased 0.1%, while the Dalian September palm oil contract rose 0.7%.
Palm oil prices are impacted by movements in related vegetable oils, as they compete for a share in the global edible oils market.
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