Palm oil ends lower on Dalian weakness

Malaysian palm oil futures closed lower for a third straight session on Wednesday, tracking weakness in rival Dalian edible oils. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange lost 51 ringgit, or 1.13%, to 4,454 ringgit ($1,054.45) a metric ton at the close. “Today, futures are tracking Dalian weakness while waiting for new leads to move the market,” a Kuala Lumpur-based trader said. Dalian’s most-active soyoil contract (DBYcv1) lost 0.99%, while its palm oil contract shed 1.69%. Soyoil prices on the Chicago Board of Trade were up 0.3%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Indonesia’s biodiesel consumption from January to September stood at 10.57 million kilolitres, its energy minister Bahlil Lahadalia said, up nearly 10% from 9.61 million kilolitres a year earlier. Data from cargo surveyor Intertek Testing Services showed exports of Malaysian palm oil ...