Palm dips on weaker rival oils, softer exports; still set for second weekly gain

risen 0.51 per cent this week and remains on track for a second weekly gain. Dalian’s most-active soyoil contract fell 1.21 per cent, while its palm oil contract shed 1.42 per cent. Soyoil prices on the Chicago Board of Trade were down 0.31 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices extended their decline for a third straight session as the US pushed for a Russia-Ukraine peace deal that could bring more oil supplies onto the global market, while uncertainty over US interest rate cuts curbed investor risk appetite. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm’s currency of trade, strengthened 0.26 per cent against the dollar, making the commodity more expensive for buyers holding foreign currencies. Cargo surveyors estimated that exports of Malaysian palm oil products for November 1-20 fell between 14.1 per cent and 20.5 per cent ...