KUALA LUMPUR: Malaysian palm oil futures took a breather on Monday after a four-day rally, falling more than 2% on profit-taking despite strong Dalian oils and supply concerns.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed down 72 ringgit, or 2.34%, to 3,008 ringgit ($730.10) a tonne, after rising to an intraday high of 2.6%.
Palm gained 9.6% last week and logged its sharpest weekly rise in five years, as China increased purchases ahead of a week-long holiday starting Oct. 1. Exports of Malaysian palm oil products for Sept. 1-20 rose between 9.4% and 12.4% from the month before, cargo surveyors said.
Dalian's most-active soyaoil contract rose 2.2%, while its palm oil contract gained 2.24%.
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