JAKARTA: Malaysian palm oil futures reversed earlier gains and fell on Friday, as the contract tracked losses in rival soyoil at the Chicago exchange and booked a second weekly decline.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange lost 11 Malaysian ringgit, or 0.25 percent, to 4,424 ringgit (USD1,052.33) a metric ton, at the close. The futures lost 0.47 percent for the week. Dalian’s most-active soyoil contract rose 0.26 percent, while its palm oil contract decreased 0.3percent. Soyoil prices on the Chicago Board of Trade (CBOT) fell 0.31 percent.
Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Meanwhile, Malaysia has raised its October crude palm oil reference price to a level that maintains the export duty range at 10percent, a statement by the Malaysian Palm Oil Board showed on Friday.
In Brazil, farmers are expected to increase the country’s soybean output in the new season, producing nearly 178 million metric tons, Brazilian crop agency Conab said on Thursday.
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