KUALA LUMPUR: Malaysian palm oil futures closed down for a second straight session on Thursday, weighed down by weakness in rival Dalian edible oils, low exports and a firmer ringgit.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange slid 65 ringgit, or 1.7%, to 3,750 ringgit ($883.81) a tonne.
The contract fell 8.6% in January, marking its second consecutive monthly drop.
A stronger ringgit, deep losses in soybean oil and the worst monthly exports in nearly two years weighed on the market, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.
Buying momentum is limited after traders price in subdued January production outlook, he added.
Exports of Malaysian palm oil products for January fell 26.4% to 1,113,292 tonnes from 1,512,468 tonnes shipped during December, cargo surveyor Societe Generale de Surveillance said on Tuesday.
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