Adds noon costs
SINGAPORE, Could 24 (Reuters) – Malaysian palm oil futures fell for a fourth consecutive session on Monday, as they tracked losses in rival oils on the Chicago Board of Commerce (CBOT) and the Dalian Commodity Change.
The benchmark palm oil contract FCPOc3 for August supply on the Bursa Malaysia Derivatives Change slid 41 ringgit, or 1%, to three,950 ringgit ($954.57) a tonne by noon.
The contract fell 11% final week, the sharpest in a 12 months, as lockdown issues hit demand.
“Palm oil futures opened decrease following weak point in CBOT soyoil,” Anilkumar Bagani, analysis head of Mumbai-based vegetable oils dealer Sunvin Group informed Reuters, including that cheaper rivals on the Dalian Commodity Change additionally weighed on costs.
CBOT’s soybean futures eased to a one-month low on Friday, pressured by issues about falling demand from each the home and export sectors.
Its soybean oil contract BOc2 final fell 1.5%.
In the meantime, Dalian’s most-active soyoil contract DBYcv1 fell 1.9%, whereas its palm oil contract DCPcv1 was down 2.8%.
Palm oil is affected by worth actions in associated oils as they compete for a share within the world vegetable oils market.
Palm oil might finish its fall above a assist at 3,865 ringgit per tonne, as urged by its wave sample and a rising trendline, Reuters technicals analyst Wang Tao mentioned. TECH/C
($1 = 4.1380 ringgit)
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(Reporting by Fathin Ungku; enhancing by Uttaresh.V)
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