Palm oil hits fresh 6-month high on lower output forecast

Malaysian palm oil futures fell on Friday after three straight sessions of gains, tracking weakness in overnight US soyoil prices. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 0.3 per cent at 2,249 ringgit ($537.

01) per tonne around noon. "Palm prices are mirroring overnight declines in rival oilseed soyoil," said a Kuala Lumpur-based futures trader, adding that profit-taking was also seen. Palm hit a six-month high of 2,265 ringgit in the previous session,.

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