KUALA LUMPUR: Malaysian palm oil futures ended more than 2% lower on Friday, pressured by gloomy partial August export data and tracking lower Dalian oils, with the contract posting its second straight weekly loss. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange closed down 59 ringgit, or 2.16%, to 2,678 ringgit ($640.98) a tonne. It lost 0.3% this week.
Malaysia's palm oil exports in Aug. 1-20 fell between 18% and 21% from the month before, cargo surveyors said on Thursday. "The demand from key destination India has slowed down," said Anilkumar Bagani, research head of Sunvin Group, a Mumbai-based vegetable oil broker.
Dalian's most-active soyaoil contract fell 1.24%, while its palm oil contract slipped 1.72%. Soyaoil prices on the Chicago Board of Trade were up 0.19%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
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