Palm oil falls to lowest close in 10 weeks on weaker Dalian rivals
Malaysian palm oil futures for December delivery fell 38 ringgit, or 0.81%, to 4,626 ringgit/ton, lowest since July 21, as Dalian vegetable oils weakened and expectations rose for September inventory.
(Update prices) By Bernadette Christina JAKARTA, Sept 29 (Reuters) — Malaysian palm oil futures fell to their lowest closing level in 10 weeks on Tuesday, as weakness in rival Dalian vegetable oils and market expectations of rising inventory in September weighed. 66) a metric ton at closing, the lowest since July 21. 3% from a month earlier, cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia said. Malaysian palm oil inventory in August-end had climbed to the highest level in eight months.
14%. 44%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. The contract still targets a range of 4,588 ringgit to 4,622 ringgit per ton, as suggested by a projection analysis, Reuters technical analyst Wang Tao said.
TECH/C Palm oil could trade at a premium to soyoil in 2027 as El Niño threatens production and rising biodiesel demand in top exporter Indonesia tightens supplies, a senior industry official told Reuters on Tuesday. 87% from a year earlier, palm oil association GAPKI said. com)