Palm oil logs weekly loss on weak demand

KUALA LUMPUR, May 2 (Reuters): Malaysian palm oil futures reversed earlier gains on Friday, as a firmer ringgit and weak demand from key markets weighed on prices, while it logged a weekly loss.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange fell 0.79% to 3,880 ringgit ($911.23) a metric ton at the close.

The contract fell 4.36% this week. A stronger ringgit and absence of enthusiastic buying amidst expectations of an increase in Malaysian April palm oil inventories limited the gains, said Anilkumar Bagani, commodity research head at Mumbai-based brokerage Sunvin Group.