Malaysian palm oil ends lower on losses in soy oils; weaker ringgit limits decline

Malaysian palm oil futures closed lower onMonday for a second straight session, giving up its midday gains following losses in rival soyoils, although a weakerringgit limited losses. The Bursa Malaysia Derivatives Exchange’s benchmark contract fell 1.2% to 4,758ringgit ($1,069.21) a metric ton at the close. The contract fell more than 4% last week. Crude palm oil futures had opened lower and recovered earlier at the midday break on bargain buying following the steadiness seen in competing oils, especially soyoil and rapeseed oil, said Anilkumar Bagani, commodity research head at Mumbai-based Sunvin group. “The weaker Malaysian ringgit and a strong recovery in rapeseed oil futures in Asian hours further helped the bullish sentiments in palm oil,” he said. A Kuala Lumpur-based trader also said the weakness in ringgit was lending support to palm prices. The ringgit MYR=, palm’s currency of trade, weakened 0.07%against the dollar, making the commodity cheaper for buyers holding ...