KUALA LUMPUR: Malaysian palm oil futures slipped on Wednesday after a two-session rally, as traders locked in profits and sluggish export demand weighed on the market. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange slid 21 ringgit, or 0.42%, to 4,952 ringgit ($1,225.44) a metric ton by the midday break. The market succumbed to profit taking, while demand remains anemic as far as the palm sector is concerned, said Paramalingam Supramaniam, director at brokerage Pelindung Bestari. Cargo surveyors estimated that exports of Malaysian palm oil products in August fell between 6.5% and 14.9% from a month earlier. “India is basically well covered and the current hefty palm prices will likely not be favourable to them. Traders will also be waiting for Malaysian Palm Oil Association data to get a better gauge on the production patterns in August and if the hot and dry weather has negatively impacted production,“ Supramaniam added. Dalian’s most-active soyoil contract eased 0.02%, while its palm oil contract shed 1%. Soyoil prices on the Chicago Board of Trade were down 0.67%. Palm oil tracks the price movements of rival edible oils as it comp
