30 May 2019 (The Edge Markets MY) KUALA LUMPUR: Malaysian palm oil futures fell 1% on Thursday, snapping a three-session rally on profit taking and slowing gains in other related edible oils.    

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed at RM2,084 (US$497.37) per tonne, having earlier fallen as much as 1.7% to RM2,070.

While the contract is still in positive territory this week, up 3.5% so far, it is set for a fourth straight monthly decline.

"Palm futures are lower after earlier consecutive gains and on soybean oil," said a futures trader in Kuala Lumpur, adding that profit taking also weighed on prices.

The Chicago July soybean oil contract slipped after three sessions of gains and was last down 0.2%.

US grain prices eased although losses were capped by concerns over more rains further delaying US planting.

In other related oils, the September soyoil contract on the Dalian Commodity Exchange fell 0.6% and the Dalian September palm oil contract eased 0.5%.

Palm oil prices are affected by movements in soyoil, with which it competes for global market share.

Palm, soy and crude oil prices at 1052 GMT

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in US dollars per barrel

(US$1 = RM4.1900)
(US$1 = 69.8800 Indian rupees)
(US$1 = 6.9061 Chinese yuan)