Malaysia: Palm oil drops as a sharp decline in rival oils weigh

Malaysian palm oil futures dropped on Monday tracking weakness in rival oils, even as data showed firmer palm oil exports for the first 10 days of December. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange lost 4.51% to 3,815 ringgit ($863.12) per tonne in early trade. FUNDAMENTALS * Dalian’s most active soyoil contract dropped 3.07%, while its palm oil contract plummeted by 6.16%. Soyoil prices on the Chicago Board of Trade BOc2 fell 0.58%. * Palm oil is affected by price movements in related oils, as they compete for a share in the global vegetable oils market. * Exports of Malaysian palm oil products for Dec. 1-10 rose 5.6% from the same period a month earlier, cargo surveyor Intertek Testing Services said on Saturday, while AmSpec Agri Malaysia reported a 14.3% increase. * The world’s top palm oil exporter Indonesia may start implementing a programme to use biodiesel with 35% mix of palm oil-based fuel in January, an official ...