Palm oil futures extend losses on rival weakness, on track for weekly gain

Malaysian palm oil futures extended their decline on Friday, weighed down by softening prices in rival edible oil markets.

The benchmark contract faced downward pressure as Dalian palm olein and Chicago soyoil both retreated, dragging palm oil lower in the session.

6% gain, which would mark its fourth weekly increase in the past five weeks.

Despite the intraday losses, the contract remains on track to close the week with a 0.6% gain, which would mark its fourth weekly increase in the past five weeks.

The pullback continues a pattern of volatility for the commodity, which has seen three consecutive declines in four trading sessions.

The recent price action reflects persistent weakness across rival edible oils and crude oil benchmarks, which have been exerting downward pressure on palm oil valuations.

This marks a reversal of the strong momentum that had previously driven the market higher.