Palm snaps five-day rally on weaker rival oils

KUALA LUMPUR: Malaysian palm oil futures opened more than 1% lower on Thursday, snapping five consecutive sessions of gains, as weaker rival oils pressured the market, while stronger crude oil prices limited the declines.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange slid 47 ringgit, or 1.11%, to 4,179 ringgit ($1,004.08) a metric ton in early trade.