Palm slips after two-day gain on profit-taking
Malaysian palm oil futures snapped two sessions of gains on Tuesday on profit-taking.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange lost RM14, or 0.33 per cent, to RM4,216 (US$991.30) a metric ton by 0233 GMT.
Dalian’s most-active soyoil contract increased 0.23 per cent, while its palm oil contract gained 0.48 per cent. Soyoil prices on the Chicago Board of Trade were slightly down at 0.04 per cent.
Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
Oil prices edged down on Tuesday as the market digested US President Donald Trump’s 50-day deadline for Russia to end the Ukraine war and avoid sanctions on buyers of its oil, while worries continued to linger over Trump’s trade tariffs.
Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
The ringgit, palm’s currency of trade, slightly weakened 0.07 per cent against the dollar, making the commodity cheaper for buyers holding foreign currencies.
India’s palm oil imports jumped to an 11-month high in June as refiners ramped up purchases due to a price discount compared to rival soyoil and sunflower oil, and to replenish depleted inventories.
Asian shares climbed and the dollar held gains on Tuesday as trade talks remained in the spotlight in a week that will see key readings on US inflation and bank earnings.
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