Palm trades lower on profit taking ahead of Christmas holidays in Malaysia

Malaysian palm oil futures slipped on Tuesday as traders booked profits ahead of the Christmas holidays. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell RM28, or 0.62 per cent, to RM4,514 a metric tonne at the midday break. Crude palm oil futures traded sideways-to-lower on profit taking ahead of the Christmas holidays, said Anilkumar Bagani, commodity research head at Sunvin group. Monday’s price rally, driven by Indonesia’s B40 biodiesel news, has been largely priced in, with market participants now remaining cautious amid year end book closures, he added. The contract gained 2.46 per cent on Monday, snapping six straight sessions of losses. Indonesia’s plan to expand its biodiesel mandate from Jan. 1 looks increasingly likely to be implemented gradually, analysts said last Wednesday, as industry participants seek a phase-in period. Dalian’s most-active soyoil contract rose 0.87 per cent, while its palm oil contract gained 1.24 ...