KUALA LUMPUR: Malaysian palm oil reversed early gains to end lower on Monday, snapping a three-day rally, as crude oil prices fell but better than expected July 1-10 exports capped losses.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed down 28 ringgit, or 0.72%, at 3,864 ringgit ($922.42) a tonne, after rising as much as 1.8% earlier. Exports of Malaysian palm oil products for July 1-10 rose 2%-4% from a month ago, cargo surveyors said on Saturday, beating market expectations of a decline.
Dalian’s most-active soyaoil contract rose 1.4%, while its palm oil contract jumped 1.6%. Soyaoil prices on the Chicago Board of Trade were up 0.8%.