Malaysian palm oil declines for third straight session on poor demand from key markets

Malaysian palm oil futures tumbled fora third straight sessionon Tuesday, pressured by weakdemand from key destination markets. The Bursa Malaysia Derivatives Exchange’s benchmark contract FCPOc3 slid 34 ringgit, or 0.71%, to 4,724ringgit ($1,058.01) a metric ton at the close. Futures were pressured by lower overnight Chicago soyoil futures and lack of fresh demand from destination markets amid deep negative import margins, especially in India, said Anilkumar Bagani, commodity research head at Mumbai-based Sunvin group. Paramalingam Supramaniam, director at Selangor-based brokerage firm Pelindung Bestari, said prices plunged following a massive long liquidation by funds, a trend that is believed will continue for an extended period. “Until we see a potential return of bona fide buying interest in the cash market, the bumper crop in the U.S added with book closing for the year end, the market will continue to remain under selling pressure. “Fundamentals such as weaker production ...