Palm tracks rival oils lower, weaker ringgit caps losses

Malaysian palm oil futures opened marginally lower on Monday, tracking weakness in rival edible oils, although a weaker ringgit capped the losses.

The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange slid 3 ringgit, or 0.08%, to 3,761 ringgit ($791.12) in morning trade.

The contract plunged 6.35% last week, marking its sharpest weekly decline in nine months.

Tags: contract, ringgit, Malaysia, palm oil, edible oils, futures