Malaysian palm oil closed lower

Malaysian palm oil futures closed lower on Monday for a second straight session, giving up its midday gains following losses in rival soyoils, although a weaker ringgit limited losses. The Bursa Malaysia Derivatives Exchange’s benchmark contract fell 1.2% to 4,758 ringgit ($1,069.21) a metric ton at the close. The contract fell more than 4% last week. Crude palm oil futures had opened lower and recovered earlier at the midday break on bargain buying following the steadiness seen in competing oils, especially soyoil and rapeseed oil, said Anilkumar Bagani, commodity research head at Mumbai-based Sunvin group. “The weaker Malaysian ringgit and a strong recovery in rapeseed oil futures in Asian hours further helped the bullish sentiments in palm oil,” he said. A Kuala Lumpur-based trader also said the weakness in ringgit was lending support to palm prices. The ringgit, palm’s currency of trade, weakened 0.07% against the dollar, making the commodity cheaper for buyers holding foreign ...