SINGAPORE, June 14 (Reuters) - Malaysian palm oil futures
ended at a more than four-month low on Monday, extending losses
for a sixth straight session, hurt by a fall in Indonesian
exports and weaker soyoil prices.
The benchmark palm oil contract for August delivery
on the Bursa Malaysia Derivatives Exchange fell 285 ringgit, or
7.8%, to 3,378 ringgit ($821.30) a tonne, its lowest since Feb.
Last week, palm posted its first weekly drop in three weeks,
falling 11.3% on worries over tepid June exports and forecasts
of higher stocks and output.
"Bursa Malaysia Derivatives Exchange crude palm oil futures
are trading sharply lower following bearish momentum in CBOT
(Chicago Board of Trade) soy oil futures," said Anilkumar
Bagani, research head of Mumbai-based vegetable oils broker
Sunvin Group, adding that lower demand also hit prices.
CBOT soyoil prices fell 3.4% to their lowest in nearly four
months. U.S. President Joe Biden's administration, under
pressure from labour unions and senators, is considering ways to
provide relief to domestic oil refiners from biofuel blending
mandates, three sources told Reuters on Friday.
Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
Meanwhile, Indonesia reported a more than 18% drop in
exports for April from the prior month, raising questions about
global demand for the edible oil.
($1 = 4.1130 ringgit)
(Reporting by Fathin Ungku; Editing by Subhranshu Sahu and