Palm slips on weak rival edible oils, rising output, sluggish demand

Malaysian palm oil futures snapped two straight sessions of gains on Thursday, as weak rival edible oils weighed on prices, while concerns over rising production and sluggish export demand added further pressure. The benchmark palm oil contract FCPO1! for October delivery on the Bursa Malaysia Derivatives Exchange slid 48 ringgit, or 1.12%, to 4,230 ringgit ($992.96) a metric ton at the close. Crude palm oil futures traded lower, tracking weakness in the Chicago soybean oil and Dalian palm olein market during Asian hours, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. “The persistent concern over rising output and weak export also added pressure on the market,” he said. Cargo surveyors estimated that July palm oil exports fell between 6.7% and 9.6% . Dalian’s most-active soyoil contract (DBYcv1) fell 0.63%, while its palm oil contract CPO1! lost 0.8%. Soyoil prices on the Chicago Board of Trade ZL1! were down 0.98%. Palm oil tracks price ...