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Palm oil futures facing biggest drop in 16 months

PETALING JAYA: Malaysian palm oil futures are on track for their biggest drop in more than 16 months after they fell nearly 10% in morning trading today.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell RM363, or 9.9%, to RM3,300 a tonne by the midday break, extending losses into a sixth session and hitting its lowest since Feb 4.

Last week, palm oil posted its first weekly drop in three weeks, falling 11.3% on worries over tepid June exports and forecasts of higher stocks and output.

“Crude palm oil futures on the Bursa Malaysia Derivatives Exchange are trading sharply lower following bearish momentum in CBOT (Chicago Board of Trade) soy oil futures,” Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group, told Reuters.

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