Palm falls for second session tracking rival oils
22/07/2026 (News Straits Times), Jakarta - Malaysian palm oil futures opened lower for the second straight session on Wednesday, tracking weakness in rival vegetable oils in Dalian and Chicago markets.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange dropped RM6, or 0.13 per cent, to RM4,604 (US$1,124.85) a metric ton in early trade.
Dalian's most-active soyoil contract lost 1.1 per cent, while its palm oil contract fell 0.51 per cent. Soyoil prices on the Chicago Board of Trade eased 0.47 per cent.
Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
Malaysian crude palm oil is expected to trade between RM4,400 and RM4,650 (US$1,076 and US$1,137) per metric ton in August, the Malaysian Palm Oil Council said on Wednesday.
Oil prices inched higher in early trading on Wednesday as fears of further supply disruptions intensified after US forces said it began striking Iranian military targets for the 11th straight night and Kuwait reported attacks by Iranian drones.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Palm oil may retrace further into a range of RM4,560 to RM4,580 per metric ton, as it has fallen below a rising channel, Reuters technical analyst Wang Tao said.
Stocks jumped at the start of trading in Asia on Wednesday as investors took cues from a rebound in US markets, shrugging off climbing oil prices as Houthi rebels threatened to open a front in the widening Middle East conflict.