VEGOILS-Palm oil extends losses for fifth day on weaker rivals

VEGOILS-Palm oil extends losses for fifth day on weaker rivals

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SINGAPORE, June 11 (Reuters)Malaysian palm oil futures fell for a fifth consecutive session on Friday, set to hit its lowest weekly worth in almost two months, as they tracked losses in rival oils on the Dalian Commodity Trade and the Chicago Board of Commerce (CBOT).

The benchmark palm oil contract FCPOc3 for August supply on the Bursa Malaysia Derivatives Trade fell 75 ringgit, or 1.95%, to three,769 ringgit ($916.59) a tonne throughout early commerce.

The contract is about to put up its first weekly drop in three. Its down 8.7% to date to three,769 ringgit, its lowest weekly worth since April 16.

“Palm’s down as a consequence of weak exterior markets,” a Kuala Lumpur- based mostly dealer advised Reuters, referring to rival oils on the Dalian and CBOT.

Dalian’s most-active soyoil contract DBYcv1 fell 1%, whereas its palm oil contract DCPcv1 slipped 2.3%. Soyoil costs on the CBOT BOc2 slid 0.3%.

Palm oil is affected by worth actions in associated oils as they compete for a share within the international vegetable oils market.

Palm oil might fall into a spread of three,495 ringgit to three,635 ringgit per tonne, because it has damaged a help at 3,888 ringgit per tonne, Reuters analyst Wang Tao mentioned. TECH/C

($1 = 4.1120 ringgit)


(Reporting by Fathin Ungku; modifying by Uttaresh.V and Rashmi Aich)

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