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KUALA LUMPUR: Malaysian palm oil futures eased on Thursday for a fourth consecutive session, hitting a 20-day closing low amid fears of higher production, and as an extension of the Black Sea export deal raised the prospects of improved global supply.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed down 39 ringgit, or 1.14%, to 3,395 ringgit ($765.50) a tonne, its lowest closing since April 28.

“Given the rising palm supply in the front months for the past two weeks, we’ve seen price elasticity of demand induced towards improving price parities at destination markets and its relative value to edible oils,” said Marcello Cultrera, director at Singapore-based commodities consultancy Apricus 8 Pte Ltd.

The market is also trading in “risk-off mode” as top producer Indonesia is expected to review its domestic sales rule soon, he added.

Indonesia on Wednesday urged importing countries to recognise and pay the premium for sustainably produced palm oil rather than boycotting the widely-used oil, whose production critics say has been linked to deforestation.

Palm oil closes at near two-week low

The Ukraine Black Sea grain deal has been extended for two more months, in what U.N. Secretary-General Antonio Guterres hailed as “good news for the world,” a day before Russia could have quit the pact over obstacles to its grain and fertiliser exports.

Dalian’s most-active soyoil contract fell 0.3% while its palm oil contract slipped 0.8%. Soyoil prices on the Chicago Board of Trade were up 0.3%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

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