Palm drops for a second session on weak rivals, crude oil

the midday break. “Bursa Malaysia crude palm oil futures opened marginally lower, mirroring spread adjustment against the competing vegetable oils,” a Kuala Lumpur-based trader said. Dalian’s most-active soyoil contract dropped 1.05%, while its palm oil contract shed 0.42%. Soyoil prices on the Chicago Board of Trade plunged 1.76%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, raising concerns about oversupply. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm’s currency of trade, weakened 0.36% against the dollar, making the commodity cheaper for buyers holding foreign currencies. ...