Palm extends losses on weaker rival oils, higher stockpile expectations

Dalian’s most-active soyoil contract fell 0.56 per cent, while its palm oil contract shed 0.55 per cent. Soyoil prices on the Chicago Board of Trade were down 0.08 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Malaysia’s palm oil inventories likely rose to a more than six-and-a-half-year high in November, as exports slumped amid record production for the month, a Reuters survey showed. Oil prices moved slightly higher after Ukrainian attacks on Russia’s oil infrastructure signalled potential supply constraints, and stalled peace talks tempered expectations of a deal restoring Russian oil flows to global markets, though weak fundamentals kept gains limited. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm’s currency of trade, strengthened 0.15 per cent against the dollar, making the commodity slightly expensive for buyers holding foreign ...