Capital Com MENA Securities Trading LLC is regulated by the Capital Market Authority.
Open platformOpen platform

Palm oil falls on weaker Dalian palm olein, Chicago soyoil

By Reuters News

JAKARTA, Oct 26 (Reuters) - Malaysian palm oil futures fell on Monday, tracking weakness in Dalian palm olein and Chicago soyoil, while softer crude oil prices also weighed on the market.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange lost 32 ringgit, or 0.66%, to 4,786 ringgit ($1,172.18) a metric ton during morning trade.

FUNDAMENTALS

  • Dalian's most-active soyoil contract rose 0.32%, while its palm oil contract dropped 0.18%. Soyoil prices on the Chicago Board of Trade were down 0.87%

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

  • Oil prices fell on Monday after surging to near six-month highs late last week, although ongoing attacks on Saudi Arabia kept supply concerns in focus O/R

  • Weaker crude oil futures make palm a less attractive option for biodiesel feedstock

  • Exports of Malaysian palm oil products for October 1-25 rose 46.9% to 1,303,703 metric tons from 887,557 metric tons shipped during September 1-25, cargo surveyor Intertek Testing Services said on Sunday

  • The ringgit, palm's currency of trade, strengthened 0.02% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies

  • Palm oil may testa support at 4,799 ringgit per metric ton, a break below may trigger a fall into the 4,736-4,773 ringgit range, Reuters technical analyst Wang Tao said TECH/C


MARKET NEWS
Share markets got off to a cautious start on Monday as oil eased from six-month highs ahead of a week packed with central bank meetings and company earnings that will further test investor confidence in the AI boom MKTS/GLOB

DATA/EVENTS (GMT)

0900 Germany Ifo Business Climate New Oct

0900 Germany Ifo Curr Conditions New Oct

0900 Germany Ifo Expectations New Oct


($1 = 4.0830 ringgit)


cpo https://tmsnrt.rs/4zauEeA

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.