Singapore: Malaysian palm oil futures traded lower on Thursday, reversing two straight sessions of gains, as fears of another wave of coronavirus infections and expectations of higher production clouded the outlook. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange traded 0.1 per cent lower at 2,358 ringgit($551.84) a tonne by midday.
Worries about more cases of COVID-19 in China and higher output are dragging palm oil lower, a Kuala Lumpur-based trader said, adding that sentiment was also hit as investors also booked profits on expectations that prices may not gain further. China’s capital cancelled several flights, shut schools and blocked off some neighbourhoods as it ramped up efforts to contain an outbreak of the novel coronavirus that has fanned fears of a wider contagion…
