Lang
Malaysian palm oil futures notched a third consecutive weekly gain, even as the market slipped on Friday on weaker soybean oil performance in Chicago.
The benchmark palm oil contract for August delivery on Bursa Malaysia Derivatives fell 54 ringgit, or 1.37%, to close at 3,878 ringgit ($911.83) per tonne.
The contract still posted a weekly gain of 1.33%.
David Ng, a trader at Kuala Lumpur-based Iceberg X Sdn Bhd, said crude palm oil futures fell in tandem with weakness in the Chicago soybean oil market.
"We put support at 3,800 ringgit and resistance at 3,950 ringgit," he added.
The most active soybean oil contract on the Dalian exchange dropped 0.86%, while its palm oil contract fell 0.89%. Soybean oil prices on the Chicago Mercantile Exchange declined 1.74%.
Palm oil tracks price movements of rival edible oils, as it competes with them for a share of the global vegetable oils market.
Palm Oil Edges Higher Despite Forecasts of Rising Output and Stocks
Crude oil prices held steady on Friday but were on track for a second straight weekly loss, weighed down by expectations of another output increase from the OPEC+ alliance and uncertainty over US tariffs after legal developments kept them in place.
Stronger crude oil prices make palm oil a more attractive feedstock for biodiesel production.
Meanwhile, the ringgit, the currency used in palm oil trade, weakened 0.31% against the US dollar, making the commodity cheaper for buyers holding foreign currencies.