Palm oil set for third straight weekly loss

KUALA LUMPUR: Malaysian palm oil futures fell on Friday, putting it on course for a third consecutive weekly loss, as expectations of higher output in March and some profit-taking after previous session's sharp jump weighed on prices.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 62 ringgit, or 1.66%, to 3,679 ringgit ($888.43).

It had climbed 3.5% in the previous session.

For the week so far, the contract is down 0.3%.

The Southern Peninsula Palm Oil Millers' Association on Thursday announced a 39% rise in production in March, traders said.

The Malaysian Palm Oil Board is scheduled to announce March supply and demand data on April 12.