Palm oil falls to near 12-week low on weak rivals; heads for second monthly drop

or 1.14 per cent, to RM4,268 (US$1,010.42)a metric ton, as of 0235 GMT. The contract hit its lowest since August 7 earlier in the session. Dalian’s most-active soyoil contract was down 1.29 per cent, while its palm oil contract fell 2.02 per cent. Soyoil prices on the Chicago Board of Trade lost 0.3 per cent. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Indonesia’s palm oil stocks dropped slightly in August to 2.54 million metric tons, 1 per cent lower than a month earlier, with falling output offsetting a decline in exports, Indonesia’s palm oil association GAPKI said on Tuesday. Oil prices edged up on Wednesday morning after three straight days of declines, with market sources citing a decline in US crude inventories, while investor concerns about Russia sanctions and a potential OPEC+ output increase capped gains. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ...