Palm oil edges down on Dalian palm olein, Chicago soyoil

By Reuters News

JAKARTA, Oct 22 (Reuters) - Malaysian palm oil futures fell for a second straight session on Thursday, tracking weakness in Dalian palm olein futures and Chicago Board of Trade soyoil prices.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange lost 8 ringgit, or 0.17%, to 4,759 ringgit (about $1,166) a metric ton during the morning trade.

FUNDAMENTALS

  • Dalian's most-active soyoil contract rose 0.49%, while its palm oil contract dropped 0.28%. Soyoil prices on the Chicago Board of Trade were down 0.08%

  • Palm oil tracks rival edible oils, as it competes for a share of the global vegetable oils market

  • Crude palm oil prices are expected to stay above 4,600 ringgit ($1,128) per metric ton in November on stronger export demand, sustained biodiesel consumption and a seasonal decline in production, the Malaysian Palm Oil Council said on Thursday

  • Cargo surveyors estimated that Malaysian palm oil products exports for October 1-20 rose between 58.5% and 78.4% from a month earlier

  • Oil prices rose on Thursday as more attacks in Saudi Arabia by Yemen's Houthis prompted the United States to order some diplomats and family members to leave its missions in the kingdom O/R

  • Stronger crude oil futures make palm a more attractive option for biodiesel feedstock

  • Palm oil may retest a support at 4,736 ringgit per metric ton, as a correction from 4,852 ringgit looks incomplete, Reuters technical analyst Wang Tao said TECH/C



MARKET NEWS
Asian stocks struggled to stay above water in early trade on Thursday, as tech earnings optimism provided only fleeting support amid lingering concerns over AI and uncertainty in the Gulf MKTS/GLOB


DATA/EVENTS (GMT)

0645 France Business Climate Mfg, Overall Oct

1000 UK CBI Business Optimism Q4

1230 US Initial Jobless Clm 17 Oct, w/e

1400 EU Consumer Confid. Flash Oct



($1 = 4.0800 ringgit)


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