Palm logs weekly loss, snaps three-week winning streak

On Friday, Malaysian palm oil futures advanced by more than 1%, according to Business Recorder, helped by firmer soyoil prices and concerns over future output. Even so, the market logged a weekly loss that ended a three-week winning streak.

The November contract at Bursa Malaysia Derivatives Exchange ended the session 74 ringgit higher, or 1.54%, at 4,890 ringgit ($1,206.61) per metric ton. Over the week, however, it lost 2.55%. Soyoil futures also advanced, with Dalian's most-active contract up 1.67% and Chicago soyoil up 2.13%.

David Ng, a proprietary trader at Iceberg X Sdn Bhd in Kuala Lumpur, said he saw support above 4,800 ringgit and resistance at 4,950 ringgit. Crude oil was also heading for a weekly fall, and softer crude futures reduce the appeal of palm as biodiesel feedstock. Meanwhile, the ringgit gained 0.2% against the dollar, making the commodity a little pricier for buyers who hold other currencies.