20 Aug 2019 (DAWN.com) KUALA LUMPUR: Malaysian palm oil futures fell nearly 2 per cent on Monday, weighed down by gains in the ringgit and tracking losses in related edible oils.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 1.6pc at 2,156 ringgit ($516.41) per tonne to mark a third straight session of losses.
Palm oil earlier fell as much as 1.8pc to an over one-week low of 2,152 ringgit, its lowest since August 9. Palm oil may test a support at 2,160 ringgit per tonne, a break below which could cause a fall to 2,113 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
US grain prices lost ground, giving up some of the previous session’s gains as crop-friendly weather in parts of the US Midwest at the weekend boosted hopes of bumper production. Meanwhile, the Dalian September palm oil contract slipped 1.1pc. Palm oil prices are affected by movements in related oils that compete in the global vegetable oils market.