Palm falls on Dalian’s palm oil weakness, books second monthly drop

Malaysian palm oil futures declined on Friday, and fell for a second straight month, weighed down by weaker palm oil in the Dalian market. The benchmark palm oil contract FCPO1! for January delivery on the Bursa Malaysia Derivatives Exchange lost 55 ringgit, or 1.29%, to 4,205 ringgit ($995.50) a metric ton at the close. The contract lost 3.38% in October. “Today’s future will follow Dalian’s palm oil down,” a Kuala Lumpur-based trader said. Dalian’s most-active soyoil contract (DBYcv1) lost 0.25%, while its palm oil contract CPO1! fell 0.63%. Soyoil prices on the Chicago Board of Trade (BOc2) dropped 0.1%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Exports of Malaysian palm oil products for October rose 4.3% to 1,501,945 tonnes from 1,439,845 tonnes shipped during September, independent inspection company AmSpec Agri Malaysia said on Friday. Indonesia has set a crude palm oil reference price of $963.75 ...