Palm oil futures rangebound as Dalian soyoil gains, crude falls
Malaysian palm oil futures traded in a tight range on Monday, with gains in Dalian soyoil countered by declines in palm olein and crude oil prices. The benchmark December palm oil contract on the Bursa Malaysia Derivatives Exchange edged up 0.31% to 4,913 ringgit ($1,205.64) per metric ton in early trade after falling 0.77% in the previous session. Weaker crude oil prices make palm oil a less attractive feedstock for biodiesel.
KUALA LUMPUR, Sept 21 (Reuters) — Malaysian palm oil futures were rangebound on Monday, as firmer Dalian soyoil supported the market while weaker palm olein and crude oil prices weighed. 64) a metric ton in early trade. 77% in the last session. Fundamentals Oil prices slid to their lowest in more than a week on hopes diplomacy in the Iran war will get a chance this week amid a UN meet and as investors eyed a partial recovery in shipments from Saudi Arabia despite ongoing attacks by Yemen's Houthis.
O/R Weaker crude oil futures make palm less attractive option for biodiesel feedstock. 05%. 06%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
8% from a month earlier, while AmSpec Agri Malaysia is expected to release its estimates later in the day. S dollar. Chinese imports of soybeans from the United States fell 12% in August from a year earlier, as most of the 12 million metric tons of soybeans China purchased late last year have already arrived at ports in recent months. Palm oil may test support at 4,868 ringgit per metric ton, a break below could open the way toward the 4,811 ringgit-4,844 ringgit range, Reuters technical analyst Wang Tao said.
TECH/C Market News Share markets edged higher in Asia on Monday as AI's insatiable demand for data buoyed chipmakers, and oil eased on reports more oil was finding its way out of the Middle East than previously thought despite the ongoing conflict in the Gulf. com)