Malaysian palm oil closes lower, snapping seven-session gaining streak

Malaysian palm oil futures slipped on Monday and snapped a seven-session gaining streak, pressured by demand concerns in key destinations, although a decline in production capped losses. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange slid 36 ringgit, or 0.93%, to 3,820 ringgit ($820.98) at the close, booking its first loss since Jan. 3. The decline in production in top producers, Indonesia and Malaysia, as well as Red Sea tensions will cap losses in Malaysian palm oil futures but demand concerns from destinations like China and India are also limiting gains, said Mitesh Saiya, trading manager at Mumbai-based firm Kantilal Laxmichand & Co. Malaysia’s crude palm oil production plunged 13.31% from November to 1.55 million tons in December, while palm oil exports declined 5.12% to 1.33 million tons, data from industry regulator the Malaysian Palm Oil Board (MPOB) showed last week. Exports of Malaysian palm oil products during Jan. ...