Palm oil down for second day

JAKARTA: Malaysian palm oil futures fell for a second straight session on Friday, logging in a total loss of 4.8%, tracking cheaper rival oils and on worries of lower demand from India due to a surge in COVID-19 infections in the world’s top vegetable oil importer.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange fell 1.7% to 3,869 ringgit ($945.27) per tonne at the close. A Kuala Lumpur-based trader told Reuters that external market moves weighed on palm prices.

The Dalian Commodity Exchange’s soyaoil and palm oil contracts declined 0.98% and 1.57%, respectively, due to profit-taking ahead of the weekend, traders said.