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.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 25 ringgit, or 0.68%, to 3,675 ringgit ($888.97) a tonne by the midday break, after falling 3% in the previous session.