Palm extends losses for third session on profit-taking

Malaysian palm oil futures closed lower for a third consecutive session on Tuesday, as profit-taking and weak market sentiment weighed, while traders waited for export data that could give further cues.

The benchmark palm oil contract FCPO1! for December delivery on the Bursa Malaysia Derivatives Exchange shed 39 ringgit, or 0.87%, to 4,460 ringgit ($1,054.87) a metric ton at the close.

The market traded lower as profit-taking and weak sentiment weighed, a Kuala Lumpur-based trader said.

"Traders also are waiting the release of October 1 to 15 export numbers for further market direction," the trader said.

Cargo surveyors are expected to release their export estimates on Wednesday.

Dalian's most-active soyoil contract (DBYcv1) fell 0.51%, while its palm oil contract CPO1! slid 0.49%. Soyoil prices on the Chicago Board of Trade ZL1! were down 1.32%.

Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.

Oil prices fell amid uncertainty about trade tensions between the U.S. and China, the world's top two economies, and as the International Energy Agency flagged weaker fundamentals.

Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

The ringgit USDMYR, palm's currency of trade, weakened 0.07% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies.

($1 = 4.2280 ringgit)