Palm slips on weak soyoil and crude, lack of fundamental signals

Malaysian palm oil futures closed lower for the second straight session on Tuesday, tracking soyoil weaknesses in the Dalian and Chicago markets and softer crude oil prices following a lack of fundamental triggers. The benchmark palm oil contract FCPO1! for September delivery on the Bursa Malaysia Derivatives Exchange lost 16 ringgit, or 0.4%, to 3,970 ringgit ($946.14) a metric ton at the close. “Market sentiment remains cautious amid broader macro uncertainties, awaiting clearer fundamental signals,” said Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova. “Subdued crude and edible oil prices, along with a firmer ringgit against the U.S. dollar, had given pressure to palm oil prices in the lack of fresh fundamental triggers.” Dalian’s most-active soyoil contract (DBYcv1) fell 0.03%, while its palm oil contract CPO1! gained 0.29%. Soyoil prices on the Chicago Board of Trade (CBOT) ZL1! slipped 0.02%. Palm oil tracks the price movements of rival edible ...