KUALA LUMPUR: Malaysian palm oil futures fell 2.5% for the week after a volatile session on Friday, closing lower on a likely plunge in August exports so far. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange reversed early gains to close down 28 ringgit, or 1.03%, at 2,688 ringgit ($641.37) a tonne.
The contract fell following market talk of August exports so far falling 10% to 15%, according to traders. Cargo surveyors are scheduled to release Aug. 1 to 15 palm oil export data on Saturday.
Top buyer India's palm oil imports in July rose 1.4% to 824,078 tonnes from a year earlier, the highest level in 10 months, as a gradual easing of lockdowns increased demand for the tropical oil from hotels and restaurants, a leading trade body said on Friday. Dalian's most-active soyaoil contract gained 0.25%, while its palm oil contract rose 0.18%. Soyaoil prices on the Chicago Board of Trade fell 0.71%.
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