VEGOILS — Palm ticks up after four — day slide as firmer Dalian oils offset weaker crude
(Update with midday prices, adds trader's comment) KUALA LUMPUR, Sept 24 (Reuters) — Malaysian palm oil futures edged higher on Thursday after four consecutive sessions of losses, as gains in rival Dalian oils supported the market despite pressure from softer crude oil prices and weaker Chicago soyoil. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange gained 12 ringgit, or 0.25%, to 4,780 ringgit ($1,173.01) a metric ton by the midday break. Crude palm oil futures traded cautiously, with sentiment remaining under pressure after recent weakness in crude oil and the broader vegetable oils market, although firmer Dalian futures provided some support, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Dalian's most-active soyoil contract rose 0.41%, while its palm oil contract added 0.59%. Soyoil prices on the Chicago Board of Trade were down 0.43%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices retreated after climbing 4% in the previous session, as Iran said it remained open to diplomacy to end the US-Iran war, tho
(Update with midday prices, adds trader's comment) KUALA LUMPUR, Sept 24 (Reuters) — Malaysian palm oil futures edged higher on Thursday after four consecutive sessions of losses, as gains in rival Dalian oils supported the market despite pressure from softer crude oil prices and weaker Chicago soyoil. 01) a metric ton by the midday break. Crude palm oil futures traded cautiously, with sentiment remaining under pressure after recent weakness in crude oil and the broader vegetable oils market, although firmer Dalian futures provided some support, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. 59%.
43%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices retreated after climbing 4% in the previous session, as Iran said it remained open to diplomacy to end the US-Iran war, though the two countries remain far apart on ways to do so. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
12% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies. India has cut the basic import duty on crude and refined edible oils, including palm oil, soyoil and sunflower oil, the government said late on Wednesday, as it seeks to lower prices during the peak festive season. Palm oil may retest support at 4,732 ringgit per ton, a break below which may trigger a fall into the 4,677-4,711 ringgit range, Reuters technical analyst Wang Tao said. com;)