KUALA LUMPUR: Malaysian palm oil futures registered its sharpest daily decline in a month on Monday evening, falling for a third straight day on weakness in soyoil on the Chicago Board of Trade.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was down 1.7 per cent at 2,204 ringgit ($538.88) a tonne at the end of the trading day for its sharpest daily decline since July 13. It had dropped earlier by as much as 1.9pc to 2,200 ringgit, its lowest since Aug. 7. Trading volumes stood at 35,352 lots of 25 tonnes each at the end of the trading day.

“Palm is down on soyoil,” said a Kuala Lumpur-based futures trader, referring to soyoil’s sharp declines on Friday.

Soyoil and soybeans on the US Chicago Board of Trade fell on market concern that a trade dispute between Washington and Beijing would cause US stockpiles, already projected at a record high, to rise even further.

Published in Dawn, August 14th, 2018