KUALA LUMPUR: Malaysian palm oil futures fell at the midday break on Monday, set to chart a second straight session of losses, as they tracked losses in soyoil on the US Chicago Board of Trade.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was down 0.6 percent at 2,207 ringgit ($531.81) a tonne at the midday break.
It had risen to a three-week top of 2,235 ringgit on Friday, before reversing course and ending the session lower.
Trading volumes stood at 9,741 lots of 25 tonnes each at noon.
"Soyoil is down and the crude palm oil market is on a correction," said a Kuala Lumpur-based trader.
Another futures trader said the market was cautious ahead of September's official supply and demand data and Oct. 1-10 export figures, adding that "upside attempts may take a breather."
Malaysia's palm oil stocks likely edged down in September from seven-month highs in August as shipments from the world's No.2 exporter of the commodity outpaced production-growth for the month, according to a Reuters survey.
Official data will be released on Wednesday by the Malaysian Palm Oil Board.
Palm oil may fall to 2,200 ringgit per tonne, following its failure to break a resistance at 2,240 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
In related oils, the Chicago December soybean oil contract was down 0.4 percent.
Meanwhile, the January soybean oil contract on the Dalian Commodity Exchange rose 0.8 percent and the Dalian January palm oil contract gained 1 percent.
Palm oil prices are affected by movements of other edible oils, as they compete for a share in the global vegetable oils market.
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