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Malaysian palm oil tracks rival edible oils lower

Published Dec 20, 2024

Tridge summary

Malaysian palm oil futures experienced a four-session decline, with the benchmark contract dropping 1.48% to 4,655 ringgit ($1,041.39) per metric ton as the market followed other edible oils. The ringgit's weakness made the commodity more affordable for foreign currency holders. Despite the drop, palm oil prices are anticipated to stay above 4,800 ringgit in December due to recovered soybean oil prices. The European Parliament approved a delay of the deforestation law until December 2025.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Malaysian palm oil futures fell on Wednesday for a fourth consecutive session, as the market tracked rival edible oils lower. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange slid 70 ringgit, or 1.48%, to 4,655 ringgit ($1,041.39) a metric ton in early trade. Dalian’s most-active soyoil contract fell 2.61%, while its palm oil contract shed 1.11%. Soyoil prices on the Chicago Board of Trade were down 0.94%. Palm oil tracks price movements of rival edible oils, as they compete for a share in the global vegetable oils market. The ringgit, palm’s currency of trade, weakened 0.11% against the dollar, making the commodity cheaper for buyers holding foreign currencies. Malaysia maintained its January export tax for crude palm oil at 10% and raised its reference price to 5,001.72 ringgit per metric ton, a circular on the Malaysian Palm Oil Board website showed. Palm oil prices are expected to remain above 4,800 ringgit in December, supported by ...
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