Palm oil opens lower as market awaits output data

KUALA LUMPUR: Malaysian palm oil futures opened lower on Monday, dragged down by lower crude oil prices, and as market participants awaited February output data due later in the day.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange slipped 14 ringgit, or 0.34%, to 4,080 ringgit ($870) during early trade.

Malaysian palm oil future up

The contract rose 3.1% last week, fuelled by tight supply and optimism over palm demand.