Palm falls on lower soyoil, weaker ringgit

JAKARTA: Malaysian palm oil futures fell on Thursday, erasing the previous session’s gains, as the contract tracked losses in soyoil after a U.S. biofuels proposal disappointed the market, while a weaker ringgit also weighed.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange lost 50 Malaysian ringgit, or 1.12%, to 4,425 ringgit ($1,055.33) a metric ton, as of 0233 GMT.