KUALA LUMPUR: Malaysian palm oil futures ended lower on Monday, declining for a second straight session on signs of a drop in November exports, although strength in rival Dalian oils kept losses in check. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange closed down 0.55% to 3,281 ringgit ($797.52) a tonne.
Palm rose 6.3% last week, its fourth straight weekly gain, on concerns over lower production estimates for this month. The market was lacking clear direction during the morning session, a Singapore-based trader said. After China's Golden Week holiday and Diwali in India, demand in November is expected to slow down, he added. Malaysia's exports during Nov. 1-15 fell between 11% and 14% from the same period in October as shipments to the Indian subcontinent fell by half, according to data released by cargo surveyors.
Palm oil imports from the world's largest edible oil buyer in the marketing year to October fell 23.3% to 7.22 million tonnes, a leading trade body said on Friday. Dalian's most-active soyaoil contract gained 2%, while its palm oil contract rose 1%.
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