KUALA LUMPUR: Malaysian palm futures fell on Monday as investors booked profit after the contract notched its biggest gain in four-and-a-half months in the previous session and as cargo surveyor data showing lower exports weighed on sentiment.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange slid 0.8% to 4,612 ringgit ($1,102.29) by the midday break. It jumped 3.8% on Friday, logging its biggest gain since Aug. 11 and fourth straight session of gain.
"Profit-taking interest after last Friday's surge is likely to drag palm," a Kuala Lumpur-based trader said.
Exports of Malaysian palm oil products for Dec. 1-25 fell 2.6% to 1,306,408 tonnes from 1,340,778 tonnes shipped during the same period a month before, cargo surveyor Intertek Testing Services said on Saturday.
Dalian's soyoil contract for May delivery rose 1.87%, while its palm oil contract gained 1.94%. Soybean oil prices on the Chicago Board of Trade for May delivery were up 0.61%.
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 break a resistance at 4,676 ringgit per tonne, and rise into 4,751-4,812 ringgit range, Reuters technical analyst Wang Tao said.
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