Malaysian palm oil extends losses, logs second weekly loss

Malaysian palm oil futures ended lower on Friday and posted a second consecutive weekly loss, pressured by sluggish export demand. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange fell 74 ringgit, or 1.64%, to 4,434 ringgit a metric ton at the close. The contract declined 9.6% this week. Crude palm oil continued its losing streak as export demand remained weak, with this week’s data showing continued declines, said a Kuala Lumpur-based trader. “The market believes that exports are going to be lower for the next 10 days too,” the trader said. Cargo surveyors estimate exports of Malaysian palm oil products fell between 7.6% and 8.3% during Dec. 1-20, compared with the same period a month ago. Earlier, during the session, the market managed to recoup some losses following Indonesia’s decision to raise its crude palm oil export levy. Indonesia’s chief economic minister on Thursday said it will increase its export levy for crude palm ...