Palm oil drops to near four-week low on weak Dalian palm oil, strong ringgit

Malaysian palm oil futures dropped for a second session to its lowest closing in nearly four weeks on Monday, weighed by Dalian palm oil and a stronger ringgit, while market participants awaited fresh triggers to confirm a direction. The benchmark palm oil contract FCPO1! for January delivery on the Bursa Malaysia Derivatives Exchange lost 50 ringgit, or 1.13%, to 4,372 ringgit ($1,035.04)a metric ton at closing. “Today, crude palm oil future is still tracking Dalian performance, while waiting for new leads on the market such as weather condition and (possible) improvement in US-China trade talks this week,” a Kuala Lumpur-based trader said. U.S. President Donald Trump said the U.S. and China are set to “come away with” a trade deal , as he is expected to meet Chinese President Xi Jinping later this week in South Korea. Dalian’s most-active soyoil contract (DBYcv1) was up 0.59%, while its palm oil contract CPO1! lost 0.33%. Soyoil prices on the Chicago Board of Trade (BOc2) rose ...