KUALA LUMPUR: Malaysian palm oil futures slipped for the second straight session on Wednesday as rival oils on the Dalian Commodities Exchange fell, although a weaker ringgit and bullish export data limited the downside. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange closed down 0.7 per cent at 2,585 ringgit ($624.70).

“Soy and palm on the Dalian dipped due to profit-taking, correcting from record highs reached earlier in the week,” a Kuala Lumpur-based trader told Reuters. On Monday, Dalian palm oil and soyoil prices reached record highs at 5,566 yuan ($795.81) per tonne and 6,514 yuan per tonne, respectively.

Published in Dawn, November 14th, 2019