Palm snaps three sessions of gains on weak Chicago, Dalian edible oils
04/03/2026 (New Straits Times), Jakarta - Malaysian palm oil futures fell on Wednesday after reaching a nearly four-week high in the previous session as easing Dalian and Chicago edible oils prices weighed down on the contract.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange lost RM33, or 0.79 per cent, to RM4,153 (US$1,052.19) a metric ton by 0232 GMT.
Dalian's most-active soyoil contract gained 0.1 per cent, while its palm oil contract lost 0.2 per cent. Soy oil on the Chicago Board of Trade was down 0.43 per cent.
Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market.
Chicago soybean futures edged higher on Wednesday, supported by firmer crude oil prices amid the ongoing Middle East conflict, though gains were limited by uncertain Chinese demand and the ongoing harvest in Brazil.
Malaysia's palm oil stocks are expected to fall for a second consecutive month in February, reaching a four-month low, as seasonal output declines outweighed slower exports, a Reuters survey showed.
India's palm oil imports rose 10.1 per cent in February to a six-month high, as its widening discount to rival oils prompted refiners to ramp up purchases and cut imports of sunflower oil, according to five dealers.
Crude oil prices rose more than US$1 on Wednesday as the US-Israeli war on Iran disrupted Middle East output and halted exports from the region.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Asian markets skidded on Wednesday, with investors cutting crowded positions in gold and chipmakers on worries a wider Mideast war could deliver an energy shock that raises inflation and delays rate cuts.
Source: Reuters