Palm falls for fourth session, tracks weakness in Dalian palm oil

Malaysian palm oil futures tumbled for a fourth straight session on Tuesday, pressured by weakness in Dalian and Chicago edible oils and sluggish exports, while market participants assessed the flood situation in Malaysia. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was down 65 ringgit, or 1.6%, at 3,990 ringgit ($966.10)a metric ton at closing. “Today, Malaysia crude palm oil future is trading in a tight range, tracking Dalian palm oils’ performance, while traders review the flood situation. So far, only northern Malaysia has been hit by heavy rains,” a Kuala Lumpur-based trader said. More than 11,000 people in seven Malaysian states have been affected by flooding caused by torrential rain, the national disaster agency said on Monday. Exports of Malaysian palm oil products in November 1-22 was seen falling between 16.4% and 18.8% from the same period a month ago, according to independent inspection company AmSpec Agri and cargo ...