Palm falls on lower edible oils at Dalian
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange lost 26 ringgit, or 0.59 per cent, to 4,409 ringgit (US$1,051.26) a metric ton in early trade.
Dalian's most-active soyoil contract fell 0.14 per cent, while its palm oil contract declined 0.09 per cent. Soyoil prices on the Chicago Board of Trade were also down 0.13 per cent.
Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
China announced preliminary anti-dumping duties on Canadian canola imports on Tuesday, which will be effective from Thursday, escalating a year-long trade dispute that began with Ottawa's imposition of tariffs on Chinese electric vehicle imports last August.
Malaysia raised its September crude palm oil reference price, a change that increases the export duty rate to 10 per cent, a circular on the Malaysian Palm Oil Board website showed on Wednesday.
Oil prices edged higher on Thursday, regaining ground after a sell-off in the previous session, with the upcoming meeting between US President Donald Trump and his Russian counterpart Vladimir Putin raising risk premiums in the market.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
The ringgit, the palm's currency of trade, strengthened 0.26 per cent against the dollar, making the commodity more expensive for buyers holding foreign currencies.
Palm oil still targets a range of 4,388-4,400 ringgit per metric ton, as it failed to break strong resistance at 4,455 ringgit, Reuters technical analyst Wang Tao said.
The US dollar was under pressure on Thursday as traders piled into wagers that the Federal Reserve will resume cutting interest rates next month, powering Bitcoin to a record high, while a blistering rally in regional stocks took a breather.
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