Palm oil falls for third straight day on weaker rivals, selling pressure

Malaysian palm oil futures closed lower fora third consecutive session on Thursday, weighed down by weakness in prices of rival Dalian-listed vegetable oils and selling pressure in crude palm oil (CPO). The Bursa Malaysia Derivatives Exchange’s benchmark palm oil contract FCPOc3 ended down 23 ringgit, or 0.46%, at 4,964 ringgit ($1,108.53) a metric ton. The CPO market has been on the receiving end from the incessant selling pressure, which is generating buying interest for local olein and keeping offers elevated, said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. Dalian’s most-active soyoil contract DBYcv1 dropped 1.61%,while its palm oil contract DCPcv1 fell 0.44%.Soyoil prices on the Chicago Board of Trade BOc2 were up 0.93%. Palm oil tracks price movements of rival edible oils, as it competes for a share in the global vegetable oils market. India’s palm oil imports in October rose 60% from September to 845,682 tons on festive demand and ...