The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed down 157 ringgit, or 3.52%, at 4,300 ringgit ($1,039.65) a tonne, its biggest one-day percentage fall in seven weeks.
The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange finished up 166 ringgit, or 4.1%, to 4,210 ringgit ($1,021.84) a tonne.
"Demand is better, with palm being the cheapest vis-a-vis other competing oils. Thus, we anticipate prices to remain both defensive and firmer," he added.