News

Malaysian palm oil drops for second straight session on weaker Dalian vegetable oils

RBD Palm Oil
Malaysia
Market & Price Trends
Published Feb 26, 2024

Tridge summary

Malaysian palm oil futures experienced a decline for the second consecutive session on Friday, influenced by losses in rival oils on the Dalian Commodity Exchange. The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange fell by 0.44% to 3,822 ringgit ($800.59) per metric ton. Despite this, the contract is expected to post a weekly gain. The drop in prices is attributed to weakness in both Chicago soybean oil and Dalian, with heavy selling activities observed.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Malaysian palm oil futures extended losses to a second straight sessionon Friday, dragged down by losses in rival oils on the Dalian Commodity Exchange, although the contract was on track to post a weekly gain. The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange fell 17 ringgit, or 0.44%, to 3,822 ringgit ($800.59) a metric ton by midday break. The contract has gained 0.34%so far this week. “Bursa Malaysia palm prices dropped for the second day amid weakness in both Chicago soybean oil and Dalian. Heavy selling activities were seen in the morning with the benchmark May contract opened gap lower,” said a Kuala Lumpur-based trader. The soyoil contract on the Dalian Commodity Exchange DBYcv1 was down 0.52%,while its palm oil contract DCPcv1 fell 1.22%.Meanwhile, soyoil prices on the Chicago Board of Trade BOc2 were up 0.31%. Palm oil is affected by ...
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