VEGOILS — Palm oil snaps 3 — day rally on weaker crude oil, Dalian
JAKARTA, Oct 15 (Reuters) — Malaysian palm oil futures fell on Thursday, snapping a three-session winning streak as weaker crude oil prices and declines in rival edible oils on the Dalian market weighed on sentiment. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange lost 59 ringgit, or 1.26%, to 4,641 ringgit ($1,137.50) a metric ton in early trade. Fundamentals Oil prices fell more than $1 in early trade on Thursday as investors weighed supply risks from attacks on shipping through the Strait of Hormuz against US efforts to cut petroleum shipping costs by easing sanctions on vessels. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Dalian's most-active soyoil contract fell 1.49%, while its palm oil contract slipped 2.2%. Soyoil prices on the Chicago Board of Trade were down 0.7%. Palm oil tracks rival edible oils, as it competes for a share of the global vegetable oils market. Malaysia lowered its November crude palm oil reference price, keeping the export duty at 10%, a circular on the Malaysian Palm Oil Board website showed on Wednesday. The ringgit, palm's currency of trade, strengthened 0.05
JAKARTA, Oct 15 (Reuters) — Malaysian palm oil futures fell on Thursday, snapping a three-session winning streak as weaker crude oil prices and declines in rival edible oils on the Dalian market weighed on sentiment. 50) a metric ton in early trade. Fundamentals Oil prices fell more than $1 in early trade on Thursday as investors weighed supply risks from attacks on shipping through the Strait of Hormuz against US efforts to cut petroleum shipping costs by easing sanctions on vessels. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
2%. 7%. Palm oil tracks rival edible oils, as it competes for a share of the global vegetable oils market. Malaysia lowered its November crude palm oil reference price, keeping the export duty at 10%, a circular on the Malaysian Palm Oil Board website showed on Wednesday.
05% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies. Palm oil may test a support at 4,622 ringgit per ton, a break below which could open the way toward the 4,567-4,588 ringgit range, Reuters technical analyst Wang Tao said. TECH/C Market News Markets started the day on the back foot as trading kicked off in Asia on Thursday, with a quicker-than-expected rise in US consumer price inflation raising expectations that the Federal Reserve will act later this year. com)