Palm opens over 2% lower on weaker crude and Chicago soyoil, set for weekly loss

Business Recorder reported that trading in Malaysian palm oil futures began Friday with a drop of more than 2%, leaving the market heading for a weekly decline. Softer prices for Chicago soyoil and crude oil were cited as the pressure behind the move. In early trading, the December delivery contract on the Bursa Malaysia Derivatives Exchange was quoted at 4,674 ringgit ($1,147.56) per metric ton, after losing 98 ringgit, a 2.05% decline.

So far this week the contract has lost 3.1%, following a 1.74% gain in the previous week. The figures reflect early Friday trade only, so they do not show where the session closed. The report also gives a dollar equivalent alongside the ringgit price.