Palm oil futures muted by weak crude, strong ringgit
Malaysian palm oil futures were muted, with the benchmark December contract falling 0.04% to 4,896 ringgit ($1,201.47) a metric ton by midday. Weaker crude oil prices and a stronger ringgit pressured buying interest, while thin market participation was noted. Cargo surveyor Intertek Testing Services estimated Malaysian palm oil exports for Sept. 1-20 fell 12.8% from a month earlier. Soyoil on the Chicago Board of Trade rose 0.07%, while Dalian soyoil gained 0.01% and Dalian palm oil shed 0.21%.
(Update with midday prices, adds trader's comment) KUALA LUMPUR, Sept 21 (Reuters) — Malaysian palm oil futures were muted on Monday, as softer crude and a firmer ringgit curbed buying interest amid thin market participation. 47) a metric ton by the midday break. 77% in the last session. The market was pressured by lower oil prices and a stronger ringgit, while last Friday’s decline in open interest also reflected subdued market participation, a Kuala Lumpur-based trader said.
"A 2% decline in crude oil prices capped the upside in Chicago soyoil," the trader added. Oil prices slid to their lowest in more than a week on hopes of a diplomatic solutionto the Iran war, amid a UN meet this week, and as investors eyed a partial recovery in shipments from Saudi Arabia, despite ongoing attacks by Yemen's Houthis. O/R Weaker crude makes palm a less-attractive option for biodiesel feedstock. 21%.
07%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. 02% against the dollar, making the commodity slightly expensive for buyers holding foreign currencies. 8% from a month earlier, while AmSpec Agri Malaysia is expected to release its estimates later in the day.
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. com)