close
Friday March 29, 2024

Palm oil declines

By Reuters
October 20, 2017

KUALA LUMPUR: Malaysian palm oil futures fell for a second straight session on Thursday, tracking weakness on China´s Dalian Commodity Exchange and on estimates of declining palm oil exports.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange was down 0.4 percent at 2,731 ringgit ($646.39) a tonne at the midday break, after declining as much as 0.7 percent to its lowest since Oct. 13 earlier in the session. Traded volumes stood at 21,123 lots of 25 tonnes each.

Palm prices are impacted by movements of related oils as they compete for a share in the global vegetable oils market. The January soybean oil contract on the Dalian Commodity Exchange slid 0.5 percent, while the January palm olein contract declined 0.4 percent.