Palm oil closes lower

KUALA LUMPUR, May 27 (Reuters): Malaysian palm oil futures fell on Monday for a second consecutive session as weakness in rival Dalian contracts and low trading volume weighed, though estimates of higher exports capped losses.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed down 13 ringgit or 0.33 per cent, at 3,872 ringgit ($824.71) per tonne.
Favourable May 1-25 export data had seen Malaysian palm oil futures opening higher. However, prices gradually eased off mirroring rival Dalian oils' movement, a Kuala Lumpur-based trader said.
"Low trading volume was also noted at 9,951 contracts," the trader said.
Malaysian palm oil exports for May 1-25 rose between 2.4 per cent and 3.1 per cent from the month before, according to cargo surveyors.
Dalian's most-active soyoil contract fell 1.02 per cent,while its palm oil contract lost 0.34 per cent.