Malaysian palm oil futures edge up; on track for first monthly drop in four months
December palm rose 0.35% to 4,640 ringgit/ton by midday break, with traders awaiting September export data. Contract down 5.19% so far this month.
(Updates prices, adds analyst comments) By Bernadette Christina JAKARTA, Sept 30 (Reuters) — Malaysian palm oil futures were headed for their first monthly drop in four months on Wednesday, although prices edged higher after a three-session slide, supported by gains in Dalian rivals as traders awaited September export data for fresh demand cues. 12) a metric ton by the midday break, after posting its lowest close in 10 weeks on Tuesday. 19% so far this month.
"After the sharp decline in recent sessions, the market appears increasingly oversold, raising the possibility of a technical rebound," said a Kuala Lumpur-based trader, adding that the contract also tracked Dalian vegetable oils higher. 6%. 07%. 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 on Wednesday after US President Donald Trump denied he would be willing to ease sanctions on Iran while Qatar pushed for peace talks. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. 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. com)