JAKARTA: Malaysian palm oil futures dropped for a second day on Friday as continued strength in the ringgit and lower related vegetable oils weighed, with the benchmark contract being on track for a weekly decline.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange fell 1.67% to 4,010 ringgit ($913.44) a tonne in early trade.
For the week so far, it is down 3.16%. Soyoil prices on the Chicago Board of Trade were down 0.76% on Friday, extending losses after a day earlier it posted its biggest drop in a day since July.
Dalian’s most active soyoil contract fell 2.53%, while its palm oil contract slumped by 3.49%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.