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KUALA LUMPUR, May 21 - Malaysian palm oil futures were on course for a 10% weekly drop, their biggest in two months, as they fell for a third straight session on Friday, tracking a sell-off in rival edible oils.

Edible oil manufacturers have reinstated a hike of around 2 per cent to take the price per litre to Tk 144, making availing daily essentials even more difficult for pandemic-hit people.

SINGAPORE: Palm oil may fall more into a range of 3,955-4,021 ringgit per tonne, as suggested by the current strong momentum.

Soybean oil, the most-consumed cooking oil, has witnessed a fresh price hike in the past week, a major blow to already battered consumers amid coronavirus pandemic.

Malaysian palm oil futures slumped more than 4% to a two-week low on Thursday as rival soyaoil fell, while demand concerns weighed and record-high coronavirus infections in the country stoked fears of stricter lockdowns.

In the second week of February 2021, the Federal Cabinet granted APTTA a three-month extension on the proposal of Commerce Ministry as the two countries had failed to evolve a consensus on some clauses of the draft.

Its net profit rose 20% to RM562mil from RM468mil a year ago. Revenue increased 21% to RM2.67bil from RM3.04bil, while earnings per share was at 8.2 sen compared with 6.8 sen previously.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange slid 58 ringgit, or 1.35%, to 4,244 ringgit ($1,024.87) a tonne during early trade.

Indonesia’s exports recorded their best performance in a decade on the back of higher commodity prices and resurgent demand from major trade partners like the U.S. and China.

The “Ops Timbang Sawit 2021” integrated operation to curb the manipulation of oil palm weighing scales among traders and palm oil millers has been well received by smallholders as it could increase their confidence and trust in the palm oil industry.

Indonesia’s exports racked up their strongest rise in 11 years in April, boosted by surging prices of key commodities such as palm oil and coal, data from the statistics bureau showed on Thursday as they beat analysts’ expectations.