Palm oil futures fall on profit-taking

JAKARTA, Oct 8 (Reuters): Malaysian palm oil futures fell on Tuesday on profit-taking, while declines in Chicago soyoil and crude oil prices added further pressure to the benchmark contract.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was down 1.66 per cent at 4,272 ringgit ($996.97) a metric ton at closing.
"Crude palm oil futures are down on profit-taking on the back of lacklustre Dalian performance while waiting for a further lead," a Kuala Lumpur-based trader said, adding that the Dalian vegetable oils contract needs about 800 points to catch up to the benchmark.
The benchmark palm oil contract had hit its highest closing in six months at 4,349 ringgit in the previous session and has gained nearly 7 per cent so far in October.
Dalian Commodity Exchange's soyoil contract rose 0.81 per cent while its palm oil contract was up 2.51 per cent as the market resumed trading after a week-long holiday break. Soyoil prices on the Chicago Board of Trade dropped 2.2 per cent.