Palm oil extends losses on weaker rival edible oils; focus on export data

KUALA LUMPUR: Malaysian palm oil futures fell on Thursday, extending the previous session's sharp decline, as rival edible oils dropped due to profit-taking, while traders awaited a preliminary data for May exports to be released later in the day.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange slid 58 ringgit, or 1.35%, to 4,244 ringgit ($1,024.87) a tonne during early trade.

Palm fell for a second consecutive session after rallying 5% on Tuesday.

The market is now awaiting May 1-20 export data by cargo surveyors scheduled to be released later in the day.