Malaysian palm oil futures fell more than 1% on Monday

Malaysian December CPO palm oil futures fell more than 1% on Monday to RM3,733 ($779) on weakness in rival vegetable oils and crude oil, although strong export data and weakness in the Malaysian ringgit limited losses. The contract rose 0.91% last week, its second weekly gain in a row. Futures opened gap lower after Chinese vegetable oil futures fell during Asian hours and lower crude oil prices, Anilkumar Bagani, head of commodities research at Sunvin Group in Mumbai, said, Reuters reported. "Palm oil prices also fell due to sluggish performance in European rapeseed oil markets on Friday," he added. Palm oil is affected by price changes in related oils as they compete for share of the global vegetable oil market. Crude oil prices fell more than $1 as diplomatic efforts to contain the conflict between Israel and Hamas intensified over the weekend amid concerns about a wider confrontation in the oil-rich region and pressure on supplies. “Strong palm oil export performance over the ...