Palm oil declines

Kuala Lumpur : Malaysian palm oil futures fell in early trade on Wednesday, in line for a third straight day of losses, on the back of weaker related edible oils on the U.S. Chicago Board of Trade and China´s Dalian Commodity Exchange.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange fell 0.4 percent to 2,423 ringgit ($626.10) a tonne at the midday break. Trading volumes stood at 21,562 lots of 25 tonnes each. "The market is still under correction and following weaker related oils," said a Kuala Lumpur-based futures trader.

Another trader said the market is taking a break from recent movements and would trade in the 2,400-2,450 ringgit range.

Palm oil rose to a five-week high last week after Malaysia said it would extend tax exemptions on crude palm oil (CPO) exports to a fourth straight month in April, a move aimed at cutting inventories and propping up prices.