KUALA LUMPUR: Malaysian palm oil futures capped their first weekly fall in seven on Friday, losing 4% this week, on forecast of higher production and as fears grew that demand will take a hit from a second wave of coronavirus infections.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange ended the session down 27 ringgit, or 1.13%, at 2,368 ringgit ($552.24) a tonne, its lowest closing since June 17.
Southern Peninsular Palm Oil Millers Association estimated palm oil oilput in Malaysia during June 1-25 rose 25% from the previous month, traders said.
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