Palm logs second straight weekly loss, hits lowest closing in 12-weeks

Malaysian palm oil futures recorded a second consecutive weekly decline on Friday, according to Business Recorder, as the December contract slid to its lowest close in 12 weeks. The benchmark contract on the Bursa Malaysia Derivatives Exchange shed 21 ringgit, a 0.46% fall, to finish at 4,533 ringgit per metric ton. Prices fell for a sixth straight session, leaving the week's drop at 2.98%.

A Kuala Lumpur-based trader cited weak exports, higher output in September and inventories climbing above 3 million tons. Shipments of Malaysian palm oil products in September dropped by between 17.1% and 28.8% versus August, according to cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia. Soyoil prices in Chicago were almost unchanged, while the Dalian exchange did not trade because of a public holiday.

Indonesian palm oil shipments from January through August, covering both crude and refined grades, reached 16.13 million tons. That volume was 0.39% lower than a year earlier, according to statistics bureau data.