Markets
Palm slips on weak rival oils, heads for steepest weekly fall in nearly two years
- Palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange slid 14 ringgit, or 0.32%, to 4,363 ringgit a metric ton
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Brief AI Generated summary
Malaysian palm oil futures fell on Friday, set for their biggest weekly drop since December 2024, influenced by weaker rival edible oils despite higher crude prices.
Read the full article for:
- Factors influencing palm oil price movements.
- The benchmark contract's weekly performance.
- Impact of crude oil and rival edible oils.
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KUALA LUMPUR: Malaysian palm oil futures edged lower on Friday and were headed for their steepest weekly drop since December 2024, pressured by weaker rival edible oils, though firmer crude oil prices capped the losses.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange slid 14 ringgit, or 0.32%, to 4,363 ringgit ($1,078.88) a metric ton in early trade.
The contract has fallen 6.69% so far this week and is on track for a second straight weekly loss.