Palm rangebound as weak crude oil counters stronger Dalian soyoil

has so far gained 0.33 per cent this week. Dalian’s most-active soyoil contract added 0.39 per cent, while its palm oil contract shed 0.11 per cent. Soyoil prices on the Chicago Board of Trade were down 0.14 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices edged lower in early trade, heading for a weekly loss, with uncertainty over global energy supplies after US President Donald Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm’s currency of trade, strengthened 0.02 per cent against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies. Indonesia, the world’s largest palm oil producer, is considering a plan to require international flights from Jakarta and Bali to use a 1 per cent sustainable ...