30 May 2019 (The Edge Markets MY) KUALA LUMPUR: Malaysian palm oil futures were in line to snap a three-session rally to fall over 1% in early trade on Thursday, due to profit taking and slowing gains in other related edible oils.     

Benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was last down 0.9% at RM2,086 (US$497.26) per tonne at the midday break.

It earlier fell as much as 1.5% to RM2,074, but is up 3.6% for the week so far.

"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 consecutive sessions of gains, and was last slightly down 0.04% on Thursday.

US grains prices eased on Thursday, though 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 0.5% and the Dalian September palm oil contract eased 0.4%.

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

Palm, soy and crude oil prices at 0529 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 = RM4.1950)

(US$1 = 69.7850 Indian rupees)
(US$1 = 6.9091 Chinese yuan)