Palm ends lower on rival Chicago soyoil, profit taking
JAKARTA: Malaysian palm oil futures fell on Tuesday, snapping three straight sessions of gains, dragged down by a decline in rival soyoil in the Chicago market as well as profit-taking actions.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange lost 28 ringgit, or 0.68%, to 4,066 ringgit ($958.28) a metric ton at the close.
'The futures today is on profit-taking mode after the recent rally, tracking the Dalian and CBOT soyoil sentiment,' a Kuala Lumpur-based trader said.
Soyoil on the Chicago Board of Trade (CBOT) was down 1.09%. Dalian's most-active soyoil contract was up 0.58%, while its palm oil contract rose 1.05%.
Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market.
U.S. soyoil futures hit their highest in 20 months on Monday, supported by U.S. biofuel blending proposals that are likely to increase demand, while soybean futures touched a one-month high before paring gains.
Malaysian palm oil ends with gains
Oil prices rose on Tuesday, with analysts saying that uncertainty would keep prices elevated, even as there were no concrete signs of any production losses stemming from the Iran-Israel conflict.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products for June 1-15 rose 26.3% compared to May 1-15, while according to independent inspection company AmSpec Agri Malaysia, the shipments rose 17.8%.
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