VEGOILS — Palm flat after four — day slide as firmer Dalian oils offset weaker crude
(Updates for market close) KUALA LUMPUR, Sept 24 (Reuters) — Malaysian palm oil futures ended flat on Thursday, as stronger rival Dalian oils countered 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 3 ringgit, or 0.06%, to 4,771 ringgit ($1,168.22) a metric ton at the close. The contract fell 3.4% in the last four sessions. 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 0.39%, while its palm oil contract added 0.68%. Soyoil prices on the Chicago Board of Trade fell 0.03%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose more than 2% as diplomatic talks between the US and Iran showed little sign of progress, while investors focused on uncertainty about a potential US ban on diesel expor
(Updates for market close) KUALA LUMPUR, Sept 24 (Reuters) — Malaysian palm oil futures ended flat on Thursday, as stronger rival Dalian oils countered pressure from softer crude oil prices and weaker Chicago soyoil. 22) a metric ton at the close. 4% in the last four sessions. 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.
68%. 03%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose more than 2% as diplomatic talks between the US and Iran showed little sign of progress, while investors focused on uncertainty about a potential US ban on diesel exports.
O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. 17% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Palm oil prices are poised to remain under pressure as rising inventories in Malaysia and sluggish buying by the world's biggest importer India weigh on the market, and the impact of El Niño has yet to be felt, industry officials told Reuters. 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.
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