Palm falls tracking weaker soyoil prices

Malaysian palm oil futures fell on Thursday, pressured by weaker soyoil prices, while likely trade talks between the United States and China were also in focus. The benchmark palm oil contract FCPO1! for November delivery on the Bursa Malaysia Derivatives Exchange slid 40 ringgit, or 0.89%, to 4,448 ringgit ($1,057.79) a metric ton at the close. The contract rose 0.4% in the previous session. The market traded lower due to the continuous decline in soyoil prices, as traders closely monitor the upcoming Sino-U.S. trade talks to determine whether China will increase its soybean purchases from the U.S., said Paramalingam Supramaniam, director at brokerage Pelindung Bestari. Senior Chinese trade negotiator Li Chenggang is expected to travel to Washington this week to meet U.S. officials, a United States government spokesperson said earlier this week, with the two superpowers looking to chart a path beyond their current tariff truce. “Weaker-than-expected production in Malaysia this ...