KUALA LUMPUR: Malaysian palm oil futures extended losses on Monday to hit a one-month low, weighed down by weaker related oils and crude oil.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange closed down 0.47 per cent at 2,109 ringgit ($510.41) a tonne, having earlier hit its lowest level since April 1 at 2,099 ringgit.

Monday was the third consecutive session of falls for the contract, which has declined 0.3pc so far this month. Palm oil may break through support at 2,110 ringgit per tonne and fall towards support at 2,083 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

“Dalian and soyoil prices are still weak,” said a Kuala Lumpur-based futures trader, referring to related edible oils on China’s Dalian Commodity Exchange and soyoil on the US Chicago Board of Trade.

In other related oils, the Chicago May soybean oil contract declined 0.4pc on Friday, but was up 0.04pc on Monday.

Published in Dawn, April 30th, 2019