Palm opens lower on weaker Dalian palm olein, crude oil

early trade. Dalian’s most-active soyoil contract rose 0.1 per cent, while its palm oil contract shed 0.87 per cent. Soyoil prices on the Chicago Board of Trade were up 0.08 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices fell for a second day as an industry report showing rising crude inventories in the US, the world’s biggest crude consumer, reinforced concerns that global supply is more than ample to meet current fuel demand. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm’s currency of trade, strengthened 0.07 per cent against the dollar, making the commodity more expensive for buyers holding foreign currencies. Malaysia’s crude palm oil production is expected to surpass 20 million tons for the first time in 2025, supported by favourable weather, improved labour supply, and higher-yielding new plantations, trade and industry ...