Palm logs highest daily fall in over 2 months on weak rival oils, crude prices

Malaysian palm oil futures declined more than 3% on Tuesday, snapping a four-day rally, as weaker rival Chicago soyoil and crude oil prices weighed on the market after a ceasefire deal between Israel and Iran eased tensions in the region. The benchmark palm oil contract FCPO1! for September delivery on the Bursa Malaysia Derivatives Exchange lost 140 ringgit, or 3.39%, to 3,986 ringgit ($940.09) a metric ton at the close, its biggest daily decline since April 4. Crude palm oil prices fell, tracking weakness in the Chicago soybean oil and crude oil markets amid the easing tensions in the Middle East, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Dalian’s most-active soyoil contract (DBYcv1) fell 2.21%, while its palm oil contract CPO1! shed 2.14%. Soyoil prices on the Chicago Board of Trade ZL1! slipped 2.14%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil ...