JAKARTA: Malaysian palm oil futures fell for a fourth straight session on Thursday and closed at the lowest since October 1, weighed down by expectations of a rise in production, although strong rival oils limited further losses.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange were down 3 ringgit, or 0.07%, to 4,012 ringgit ($910.78) a metric ton at the close.
The contract rose as much as 1.57% earlier in the session, tracking rival vegetable oils and crude oil before retreating. “When the Dalian market closed, without any further influence, the market resumed its selling pressure on the back of rising production and lower future exports due to current volatilities,” a Kuala Lumpur-based trader said.
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