Malaysian palm oil futures fell more than 3% on Tuesday

exchange fell 140 ringgit, or 3.39%, to close at 3,986 ringgit ($940.09) a tonne, its biggest daily drop since April 4. Crude palm oil prices fell, tracking weakness in the Chicago soybean oil and crude markets amid easing tensions in the Middle East, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Ng sees support at RM3,900 a tonne and resistance at RM4,150 a tonne. The most-active Dalian soybean oil contract fell 2.21%, while the CPO1 palm oil contract fell 2.14%. Chicago Mercantile Exchange soybean oil prices fell 2.14%. Palm oil follows the price movements of rival edible oils as they compete for share in the global vegetable oil market. Oil prices extended their decline to hit a two-week low on Tuesday after Israel agreed to US President Donald Trump’s ceasefire proposal with Iran, allaying fears of supply disruptions in the Middle East. Weaker crude oil futures make palm oil a less attractive option as a biodiesel feedstock. ...