KUALA LUMPUR: Malaysian palm oil futures eased on Monday as early October exports declined ahead of Malaysian Palm Oil Board (MPOB) data, although the contract remained near a record high hit last week.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange slid 23 ringgit, or 0.46%, to 4,943 ringgit ($1,186.51) a tonne during early trade.

Fundamentals

• Exports of Malaysian palm oil products for October 1-10 fell 7.6% to 528,901 tonnes from the same period in September, cargo surveyor Intertek Testing Services said on Sunday.

• The market is awaiting data from the Malaysian Palm Oil Board due later in the day with expectations of a drawdown in September inventories.

• The ringgit, palm's currency of trade, rose 0.24% against the dollar after the government lifted interstate and international travel restrictions, making the commodity more expensive for holders of foreign currency.

• Dalian's most-active soyoil contract rose 0.5%, while its palm oil contract gained 1.3%. Soyoil prices on the Chicago Board of Trade gained 0.1%.

• Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.