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Malaysian palm oil futures extended their losses to post a second straight weekly decline on Friday, with the market stuck in a narrow trading range as it searches for fresh direction.
The benchmark January contract on Bursa Malaysia Derivatives fell 51 ringgit, or 1.14%, to close at 4,420 ringgit ($1,046.40) per tonne.
The contract lost 2.06% for the week.
"Futures are still trading within a range of 4,400 to 4,500 ringgit as the market awaits fresh catalysts," said a Kuala Lumpur-based trader.
The most-active soybean oil contract on China's Dalian Commodity Exchange fell 0.15%, while its palm oil contract rose 0.09%. Soybean oil prices on the Chicago Board of Trade slipped 0.35%.
Palm oil tracks price movements in competing vegetable oils as it vies for a share of the global vegetable oils market.
Crude oil prices held broadly steady on Friday after rising the previous day, remaining on track for a weekly gain as new US sanctions on Russia's two largest oil companies over the war in Ukraine stoked supply concerns.
Weaker crude oil futures make palm oil a less attractive option as a biodiesel feedstock.
The ringgit, palm oil's trading currency, strengthened 0.14% against the US dollar. A stronger ringgit makes the commodity more expensive for buyers holding foreign currencies.
Source: Reuters