Malaysian palm oil futures slip for second session on stockpile fears

(Updates with midday break prices, adds trader's comment) KUALA LUMPUR, Oct 7 (Reuters) — Malaysian palm oil futures slipped for a second session on Wednesday, pressured by fears over rising stockpiles while firmer crude oil prices limited the downside. 19) a metric ton by the midday break. The market remained under pressure, particularly in nearby contracts amid high palm oil inventories, a Kuala Lumpur-based trader said. "Prices failed to return to positive territory despite firmer crude oil prices," the trader added.

Malaysia's palm oil inventories are expected to hit an all-time high in September, topping the December 2018 peak, as production soared to record volumes, outpacing sluggish export demand, a Reuters survey showed. 03%. 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. 06% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Meanwhile, 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. com;)