Palm falls on profit-taking but output worries cap losses

Malaysian palm oil futures declined on Monday, dragged down by profit-taking, though concerns over a drop in output supported prices. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange slid 32 ringgit, or 0.72%, to 4,410 ringgit ($1,047.01) a metric ton at the midday break. It ended Friday 0.09% lower at 4,442 ringgit. Crude palm oil futures also fell on profit-taking amid strong market talk of a possibility that India may raise import duties on vegetable oils, said Anilkumar Bagani, head of research at Mumbai-based vegetable oil broker Sunvin Group. There are concerns over the lower-than-expected reduction in Malaysian palm oil production, Bagani added. The Malaysian palm oil board (MPOB) is expected to release its supply and demand data for September on October 10. Oil prices rose about 1.5% after OPEC+ announced a more modest monthly increase in production than expected, tempering some concerns about supply additions, though ...