Palm oil in tight range after steepest decline since May 2023

Malaysian palm oil futures traded in a tight range early on Wednesday, after they fell nearly 4% in the previous session, underpinned by the recovery in Chicago soyoil.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange rose 0.18% to 3,928 ringgit ($836.46) per metric ton as of 0238 GMT.

The contract was traded between 3,899 ringgit and 3,942 ringgit in early trade.

The contract lost 3.83% in the previous session, its steepest daily decline since May 31, 2023.

Tags: Malaysia, soyoil, palm oil, futures, benchmark contract