Malaysian palm oil futures extended losses on Friday, tracking declines on the Dalian Commodity Exchange, to record their biggest weekly drop in eight as an historic crude oil rout made them less attractive for biodiesel feedstock.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange closed down 2% at 2,076 ringgit ($476.15) per tonne, after two straight sessions of gains.
For the week, the contract was down 7.1%, the biggest since the week ended Feb. 28, when it fell 11.6%.
The Dalian palm oil contract fell 2.2% while its soybean oil contract fell 0.4%. Soyoil contract on the Chicago Board of Trade last fell 0.2%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
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