Palm oil prices fall most in nearly a month due to technical selling
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Malaysian palm oil futures fell 4.8 per cent on Friday to post their biggest drop in nearly a month due to technical selling after the contract broke support. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange ended lower for a fifth consecutive session, falling 4.8 per cent to 3,658 ringgit ($890.89) a tonne, its biggest intraday drop since May 17.
The contract also posted its first weekly drop in three, plunging 11.4 per cent.
"Prices are down due to long liquidation after they broke support," a Kuala Lumpur-based trader told Reuters. Prices were also dragged by weak rival oils elsewhere, the trader added.
Dalian's most-active soyoil contract fell 0.9 per cent, while its palm oil contract slipped 2.5 per cent. Soyoil prices on the CBOT slid 1.4 per cent.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
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