Palm Oil Prices Slip as Traders Take Profits and Demand Remains Weak

Malaysian palm oil futures have retreated after a two-session rally, as traders took profits and weak demand weighed on the market.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange fell by 21 ringgit, or 0.42%, to 4,952 ringgit ($1,225.44) a metric ton at midday.

According to Paramalingam Supramaniam, director at brokerage Pelindung Bestari, the market succumbed to profit-taking while demand remains anemic in the palm sector.

Cargo surveyors estimated that exports of Malaysian palm oil products in August fell between 6.5% and 14.9% from a month earlier.