Palm drops on weaker rivals, profit-taking

MG News | December 29, 2021 at 09:33 AM GMT+05:00

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December 29, 2021: Malaysian palm oil futures fell on Wednesday, tracking weaker rivals oils and as traders booked profit after prices rose to a two-week high in the previous session.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange dropped 1.4% to 4,705 ringgit ($1,125.60) in early trade. It rose 3.56% on Tuesday but slipped 0.5% in overnight trade.

Fundamentals

Dalian's soyoil contract slid 0.7%, while its palm oil contract dropped 0.71%. Soybean oil prices on the Chicago Board of Trade fell 0.19%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

U.S. oil rose for a sixth consecutive session while Brent gained more ground with a broad-based rally in global markets supporting prices.

Stronger crude oil futures typically make palm a more attractive option for biodiesel feedstock.

Reuters

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KSE30	45,247.79 197.43M	0.83% 370.74
KMI30	212,370.79 224.51M	1.05% 2209.48
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	108,265.00	113,390.00 108,020.00	-4475.00 -3.97%
BRENT CRUDE	67.46	67.94 67.29	-0.52 -0.76%
RICHARDS BAY COAL MONTHLY	88.70	88.70 88.70	-0.75 -0.84%
ROTTERDAM COAL MONTHLY	96.15	96.75 96.00	-0.40 -0.41%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	64.01	64.55 63.88	-0.59 -0.91%
SUGAR #11 WORLD	16.34	16.52 16.33	-0.14 -0.85%