Palm oil extends decline as inventories rise, soyoil weakens
Malaysian palm oil futures dropped 2% for the second straight session on Wednesday, as inventories are expected to rise in the world’s second-biggest producer, while also tracking weaker soyoil amid ample supplies.
The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange fell 85 ringgit, or 2.15%, to 3,874 ringgit ($823.90) a metric ton in early trade, after losing 2% on Tuesday.
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