28.09.2018 (DAWN.com) - KUALA LUMPUR: Malaysian palm oil futures fell over 1 per cent on Thursday after three consecutive sessions of gains, on expectations of rising inventory levels and technical selling.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was down 1.1pc at 2,165 ringgit a tonne at the end of the trading day, its sharpest daily decline in a week. Trading volumes stood at 38,540 lots of 25 tonnes each at the close of trade.

“The market fell on technical selling as it wasn’t able to break at a higher level,” said a Kuala Lumpur based trader. “The market is also under pressure on rising stocks.”

Southeast Asia’s palm oil stocks are set to hit record highs in October or November, according to planters, traders and analysts surveyed by Reuters, as storage tanks at ports and mills pile up with supplies.