Palm slips on weaker rival oils, eyes second straight weekly loss

JAKARTA: Malaysian palm oil futures opened lower on Friday, weighed down by the weakness in rival soyoils in the Chicago and Dalian markets.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange lost 37 ringgit, or 0.84%, to 4,376 ringgit ($991.39) a metric ton in early trade.

Malaysian palm oil higher

The contract has so far lost 4.20% this week and is on track for a second straight weekly loss.