Palm falls on easing Dalian palm oil

Malaysian palm oil futures declined slightly on Wednesday, tracking their Dalian counterparts that pared some of their earlier gains. The benchmark palm oil contract FCPO1! for February delivery on the Bursa Malaysia Derivatives Exchange fell 3 ringgit, or 0.07%, to 4,156 ringgit ($1,008.49) a metric ton at closing. “Today’s crude palm oil future is still range bound tracking Dalian as Dalian also drop slightly,” a Kuala Lumpur-based trader said. Dalian’s palm oil contract CPO1! gained 0.95% after rising 1.69% earlier in the session while its most-active soyoil contract (DBYcv1) was barely changed, up 0.07%. Soyoil prices on the Chicago Board of Trade (BOc2) lost 0.66%. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Malaysia’s palm oil inventories likely rose to a more than six-and-a-half-year high in November, as exports slumped amid record production for the month, a Reuters survey showed on Wednesday. ...