Palm oil down

Malaysian palm oil futures slipped for the second straight session on Wednesday as rival oils on the Dalian Commodities Exchange fell, although a weaker ringgit and bullish export data limited the downside.

The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange closed down 0.7% at 2,585 ringgit ($624.70).

Dalian's January palm oil contract last traded 0.9% lower, while the soyaoil contract fell 1.3%. On Monday, Dalian palm oil and soyaoil prices reached record highs at 5,566 yuan ($795.81) per tonne and 6,514 yuan per tonne, respectively.