Palm falls on mix trading in rival oils
17/10/2024 (Reuters), Kuala Lumpur - Malaysian palm oil futures closed down on Thursday after rising in the previous session, weighed down by mixed trading in rival oils.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange fell 34 ringgit, or 0.79%, to 4,277 ringgit ($993.03) a metric ton at the close.
The contract had risen 0.91% on Wednesday.
The closing market today failed to revisit the morning high as rival oilseeds trading was mixed, said a Kuala Lumpur-based trader.
Dalian's most-active soyoil contract DBYcv1 fell 0.51%, while its palm oil contract DCPcv1 shed 0.18%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.12%.
Palm oil tracks prices of rival edible oils as they compete for a share of the global vegetable oils market.
Oil prices were broadly flat on Thursday as investors waited on developments in the Middle East, the release of official U.S. oil inventory data and details on China's stimulus plans. O/R
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
The ringgit MYR=, palm's currency of trade, weakened 0.4% against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies.
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