Palm falls on weaker rival oils, crude oil

Malaysian palm oil futures fell on Wednesday, weighed down by softer rival oils and crude, while the failure to break through a key technical level also pressured the market. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange slid 35 ringgit, or 0.78%, to 4,441 ringgit ($1,056.12) a metric ton at the close. The contract rose 2.19% on Tuesday. The absence of follow-through buying and failure to break key psychological levels weighed on the crude palm oil futures and rival Dalian, a Kuala Lumpur-based trader said. Both Dalian and FCPO failed to break above the psychological mark of 9,500 yuan and 4,500 ringgit, respectively, the trader added. Dalian’s most-active soyoil contract (DBYcv1) rose 0.02%, while its palm oil contract shed 0.78%. Soyoil prices on the Chicago Board of Trade declined 0.55%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices fell by more ...