Malaysian palm oil futures extend losses on weaker soyoil
Malaysian palm oil futures extended losses for a second session on Wednesday, pressured by weaker Chicago soyoil. The benchmark December contract slid 0.46% to 4,539 ringgit a metric ton.
KUALA LUMPUR, Oct 7 (Reuters) — Malaysian palm oil futures extended losses for a second session on Wednesday, pressured by weaker Chicago soyoil, though firmer crude oil prices capped the losses. 14) a metric ton in early trade. 26%. The Dalian Commodity Exchange is closed for a public holiday and will reopen on Thursday.
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 as the market weighed supply constraints from a storm heading for US oil-producing regions and attacks by Yemen's Iran-backed Houthis on Saudi Arabia against increased supplies of Middle East crude. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. 07% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies.
71 million tons, European Commission data showed. Indonesia’s forestry task force handed over nearly 260,000 hectares (642,474 acres) of seized land to the country’s forestry ministry, with more than half to be transferred to Agrinas Palma Nusantara, the state-run palm oil plantation firm. Palm oil may retest a resistance at 4,622 ringgit per metric ton, driven by wave c, Reuters technical analyst Wang Tao said. TECH/C Market News Asian markets were slightly weaker on Wednesday even though US stocks touched new highs, as oil prices rose with a storm heading for the Gulf of Mexico and tensions escalating between Saudi Arabia and Yemen's Iran-backed Houthis.
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