KUALA LUMPUR: Palm oil futures fell for a second day as a stronger Malaysian currency makes the tropical oil costlier for overseas buyers.
The market in Kuala Lumpur is under pressure due to gains in the ringgit, said Darren Lim, commodities strategist at Phillip Nova in Singapore.
Market participants are also cautious due to a potential move by the largest grower Indonesia to lower export duties to boost sales, said Abdul Hameed, director of sales at Manzoor Trading in Lahore.
Benchmark palm oil prices fell as much as 0.8% to RM3,822 a tonne on Friday. They’ve dropped 1.7% this week and are down nearly 4% for the month.