Futures for Malaysian palm oil declined on Tuesday as traders booked profits after prices reached a 4.5-month high in the previous session.

The contract for palm oil delivery in October on the Bursa Malaysia Derivatives Exchange dropped by 94 ringgit, or 2.26%, to 4,070 ringgit ($892.54) at the end of Tuesday’s trading.

The contract had gained around 3.2% in the previous session, reaching its highest level since March 10.

Slow production growth in July was confirmed by data published by the Malaysian Palm Oil Association.

According to AmSpec Agri Malaysia, palm oil exports from Malaysia increased by 10.8% compared to the previous month and by 17.8%, according to surveyor Intertek Testing Services, in the period from July 1 to July 25.

Palm oil prices are influenced by fluctuations in prices of related oils as they compete for market share in the global vegetable oils market.

In July, edible oil imports to India were expected to soar to a record 1.86 million metric tons, nearly 60% more than usual, as refineries increased purchases to build reserves for festivals amid uncertainties in supplies from the Black Sea, dealers and cargo surveyors said on Tuesday.

(1 dollar = 4.5600 ringgit)