Palm oil extends losses for fifth day on weaker rivals
- Dalian's most-active soyoil contract fell 1%, while its palm oil contract slipped 2.3%. Soyoil prices on the CBOT slid 0.3%.
SINGAPORE: Malaysian palm oil futures fell for a fifth consecutive session on Friday, set to hit its lowest weekly price in nearly two months, as they tracked losses in rival oils on the Dalian Commodity Exchange and the Chicago Board of Trade (CBOT).
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 75 ringgit, or 1.95%, to 3,769 ringgit ($916.59) a tonne during early trade.
The contract is set to post its first weekly drop in three. Its down 8.7% so far to 3,769 ringgit, its lowest weekly price since April 16.
"Palm's down due to weak external markets," a Kuala Lumpur- based trader told Reuters, referring to rival oils on the Dalian and CBOT.
Dalian's most-active soyoil contract fell 1%, while its palm oil contract slipped 2.3%. Soyoil prices on the CBOT slid 0.3%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may fall into a range of 3,495 ringgit to 3,635 ringgit per tonne, as it has broken a support at 3,888 ringgit per tonne, Reuters analyst Wang Tao said.
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