Palm ends lower, books second weekly loss

Malaysian palm oil futures extended losses and booked its second weekly loss on Friday, with the market remaining range-bound as it searched for direction. The benchmark palm oil contract FCPO1! for January delivery on the Bursa Malaysia Derivatives Exchange lost 51 ringgit, or 1.14%, to 4,420 ringgit ($1,046.40) a metric ton at the close. The futures lost 2.06% this week. “Today’s futures (is) still range-trading between 4,400 to 4,500 ringgit while waiting for new leads,” a Kuala Lumpur-based trader said. Dalian’s most-active soyoil contract (DBYcv1) shed 0.15%, while its palm oil contract CPO1! gained 0.09%. Soyoil prices on the Chicago Board of Trade ZL1! were down 0.35%. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices were little changed on Friday, stabilising after the previous day’s surge and remaining on track for a weekly gain as fresh U.S. sanctions on Russia’s two biggest oil ...