KUALA LUMPUR (May 21): Malaysian palm oil futures closed nearly 2% down on Tuesday, retreating from a three-week high hit in early trade as technical selling and concern over higher than expected production weighed on prices. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange finished 1.95% down at 2,057 ringgit (US$491.58) a tonne for its sharpest daily decline in more than a fortnight. Palm oil output in Malaysia, the world's second-largest producer, last reported that production fell 1.4% from the previous month to 1.65 million tonnes in April. The Dalian May palm oil contract was trading flat at 1137 GMT. Palm oil prices are affected by movements in other edible oils that compete in the global vegetable oils market.

Source: The Edge Markets May 21, 2019 12:45 UTC