The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 2 ringgit, or 0.1%, to 3,442 ringgit ($851.17) by midday.
“Palm is tracking weak external markets,” a Kuala Lumpur-based trader told Reuters. “Export figures capped losses.”
Soyoil on the CBOT last fell 0.2% but touched a more than six-year high on Friday, on rising concerns that crop shortfalls in South America will tighten global stockpiles. soy and palm oils on the Dalian Commodity Exchange rose 0.55% and 0.15% respectively.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
But, higher exports helped put a floor to the losses. Exports rose 18.9% in December 1 to 20, compared with the same period a month ago, cargo surveyor Intertek Testing Services said on Sunday. oil may retest a resistance at 3,474 ringgit per tonne, a break above which could lead to a gain into the 3,504-3,552 ringgit range, Reuters analyst Wang Tao said. TECH/C
($1 = 4.0450 ringgit)