VEGOILS — Palm slips on weak rival oils, crude, high stockpiles
KUALA LUMPUR, Oct 13 (Reuters) — Malaysian palm oil futures fell on Tuesday, after edging higher in the previous session, as weaker rival edible oils, crude oil prices and high stockpiles pressured the market. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange slid 41 ringgit, or 0.88%, to 4,596 ringgit ($1,125) a metric ton in early trade. Fundamentals Oil prices edged lower after climbing by nearly $2 a barrel in the previous session, as traders assessed supply risks from attacks on Saudi Arabia while weighing the prospect of additional diesel supplies from Russia. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Dalian's most-active soyoil contract fell 0.83%, while its palm oil contract shed 1.1%. Soyoil prices on the Chicago Board of Trade were down 0.54%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Malaysia's palm oil stockpiles in September surged to 3.51 million metric tons as production hit an all-time high, surpassing market expectations and reaching levels that were once thought impossible. Cargo surveyors est
KUALA LUMPUR, Oct 13 (Reuters) — Malaysian palm oil futures fell on Tuesday, after edging higher in the previous session, as weaker rival edible oils, crude oil prices and high stockpiles pressured the market. 88%, to 4,596 ringgit ($1,125) a metric ton in early trade. Fundamentals Oil prices edged lower after climbing by nearly $2 a barrel in the previous session, as traders assessed supply risks from attacks on Saudi Arabia while weighing the prospect of additional diesel supplies from Russia. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
1%. 54%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. 51 million metric tons as production hit an all-time high, surpassing market expectations and reaching levels that were once thought impossible.
7% from a month earlier. 05% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Palm oil may retest support at 4,588 ringgit per metric ton; a break below could trigger a fall to 4,533-4,567 ringgit, Reuters technical analyst Wang Tao said. TECH/C Market News Asian equities fell sharply on Tuesday led by technology shares as a widening conflict in the Middle East kept oil prices elevated, supporting the dollar ahead of an earnings season that will set the tone for the rest of the year.
com;)