Palm oil prices shed 1.1% on Dalian oil weakness

By MG News | May 29, 2023 at 01:11 PM GMT+05:00

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May 29, 2023 (MLN): Malaysian palm oil dropped on Monday amid weakness in Dalian palm oil prices.

The benchmark palm oil contract fell by 1.09 % to 3520 ringgit a tonne.

This decline comes after the benchmark rose for three consecutive days.

Notably, the contract rose 2.24% last week due to concerns over unfavorable EL Nino weather patterns.

Dalian's most active soyoil contract DBYcv1 rose 0.64%, while its palm oil contract DCPcv1 fell 0.41%, as reported by Reuters.

This decline might also be attributed to the latest U.S. inflation data that came in higher than expected and market participants are now pricing in another interest rate hike.

Tony Sycamore, IG's Sydney-based analyst expressed concerns by saying "Higher U.S. rates are a headwind for crude oil demand."

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

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