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KUALA LUMPUR: Malaysian palm oil futures extended early losses on Monday, hitting a near six-week closing low on expectations of higher supply in the world’s second-largest producer and sluggish demand.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 88 ringgit, or 2.28%, to 3,771 ringgit ($827.52) per metric ton, its lowest closing since June 28.

The market is on the back foot on lacklustre demand with key market India well covered for August, while seasonality production is picking up in Malaysia, said Mitesh Saiya, trading manager at Mumbai-based firm Kantilal Laxmichand & Co.

Malaysia’s palm oil inventories at the end of July likely rose to a five-month peak as higher production offset an increase in exports, a Reuters survey showed on Friday.

Investors now await data from the Malaysian Palm Oil Board scheduled for Thursday.

Dalian’s most-active soyoil contract slipped 0.7%, while its palm oil contract eased 0.7%. Soyoil prices on the Chicago Board of Trade were down 1.4%.

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

Refinitiv Agriculture Research in a note said palm oil futures might rise towards the resistance levels of 3,850-3,860 ringgit, with support at 3,680-3,700 ringgit.

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