Malaysian palm oil snaps three-day winning streak on weak rival oils, profit-taking

Malaysian palm oil futures snapped a three-day rally on Monday, due to weakness in rival oils and on profit taking. The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange fell 68 ringgit, or 1.69%, to 3,949 ringgit ($834.53) a metric ton at closing. The contract rose nearly 2% last week, its third straight week-on-week increase. Dalian’s most-active soyoil contract DBYcv1 fell 2.48%, while its palm oil contract DCPcv1 fell 1.49%. Soyoil prices on the Chicago Board of Trade BOcv1 dropped 0.92%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Oil prices dipped on Monday as China’s ailing property sector took another hit while a drone attack on U.S. forces in Jordan added to supply disruption concerns in the Middle East and Houthi militants stepped up attacks on vessels in the Red Sea. Weaker crude oil futures make palm a less attractive option for biodiesel ...