Palm falls for second session as rival edible oils weigh
Malaysian palm oil futures dropped for a second session on Wednesday, weighed down by weakness in Chicago and Dalian vegetable oils.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 61 ringgit, or 1.36 per cent, to 4,418 ringgit (US$1,049.16) a metric ton by the midday break.
Weakness in rival oilseeds during Asian hours resulted in lower opening of Bursa Malaysia’s CPO futures, a Kuala Lumpur-based trader said.
Malaysia’s palm oil stocks at the end of August rose 4.18 per cent from the previous month to 2.2 million metric tons, data from MPOB showed on Wednesday.
Dalian’s most-active soyoil contract lost 1.21 per cent, while its palm oil contract was down 1.48 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) shed 0.1 per cent.
Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market.
Further development of the grain and oilseed markets of Ukraine and the Black Sea region will be in the spotlight of the BLACK SEA GRAIN. KYIV conference, taking place on April 22–23 in Kyiv. The event will focus on strategic directions for the agricultural sector through 2030, including investments, energy independence, processing, and exports of high-value products.
Join strategic discussions and networking with industry leaders to gain актуальна insights, discover new business opportunities, and build partnerships with key market players.
Read also
Poland Rapeseed Market Enters a Phase of Feedstock Deficit and Rising Competition
UK scientists develop soy traceability tool to combat deforestation
Truce did not calm the markets: Strait of Hormuz is almost blocked, crude oil pric...
Black Sea & Danube: Crop and Export Forecast
USDA analysts left unchanged the forecast of corn exports from Ukraine
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon