Palm falls on weaker rival oils, but still set for third weekly gain

KUALA LUMPUR: Malaysian palm oil futures opened lower on Friday, weighed down by weaker rival edible oils, but still remained on track for a third weekly gain.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange slid 33 ringgit, or 0.79%, to 4,164 ringgit ($1,035.82) a metric ton in early trade.

The contract has so far risen 2.60% this week.