KAULA LUMPUR: Malaysian palm oil futures fell for a second day on Friday, tracking losses in rival oils on the Chicago Board of Trade and the Dalian Commodity Exchange, with a weaker crude oil also weighing on prices.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange fell 1.1% to 3,355 ringgit ($811.96) a tonne during early trade.
"It's tracking weakness from external markets," a Kuala Lumpur-based trader told Reuters, referring to palm's rival oils and crude oil. "Plus, it is correcting over-buying in the week," the trader said. The contract rose for three consecutive days during the week and is set to record weekly a gain of 3.9%. Dalian's most-active soyaoil contract fell 0.2%, while its palm oil contract fell 0.4%. Soyaoil prices on the Chicago Board of Trade fell 0.5%.
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