Malaysian palm oil extends losses

JAKARTA: Malaysian palm oil futures traded lower on Monday, extending losses for a second session trailing weakness in Chicago soyoil as the Chinese closed for a long holiday.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange fell 65 ringgit, or 1.73%, to 3,702 ringgit ($785.15) a metric ton when the market closed.

Palm oil futures dropped 6.06% in September after posting two consecutive monthly gains.

“Malaysia crude palm oil futures were seen trading sharply lower today in absence of any fresh buying as key destination China is on holidays and Chicago soyoil futures continued to show a selloff since last week,” said Anilkumar Bagani, commodity research head at the Mumbai-based Sunvin Group.