KUALA LUMPUR: Malaysian palm oil futures reversed early gains on Tuesday to fall for a third straight day, tracking weaker rival oils, and on demand concerns as cargo surveyor data showed a decline in early August exports.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange closed down 63 ringgit, or 2.33%, at 2,646 ringgit ($631.50) a tonne, after rising 1.78% in early trade.
Palm fell 1.8% on Monday after data from cargo surveyors showed Malaysia's palm oil exports for Aug. 1-10 dropped between 4.8% and 6.2% from a month earlier.
Data from the Malaysian Palm Oil Board showed the country's palm oil stockpiles at the end of July had fallen 10.55% from a month earlier to three-year lows and output slipped 4.14%, but the declines were smaller than the market had expected.
Dalian's most-active soyaoil contract fell 0.03%, while its palm oil contract was down 0.89%.