Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Open platformOpen platform

Palm opens over 1% lower on weak rival edible oils, crude oil

By Reuters News

KUALA LUMPUR, Oct 27 (Reuters) - Malaysian palm oil futures opened more than 1% lower on Tuesday, extending losses for a second straight session, pressured by weaker rival edible oils and crude oil prices.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange slid 80 ringgit, or 1.67%, to 4,709 ringgit ($1,152.75) a metric ton in early trade.

FUNDAMENTALS

  • Oil prices edged lower as the potential for a resolution in the US-Israeli war on Iran kept supply fears at bay, but Brent stayed close to six-month highs as attacks on Saudi Arabia by Yemen's Houthis lowered hopes of immediate stability in the region. O/R

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

  • Dalian's most-active soyoil contract fell 2.6%, while its palm oil contract shed 3.34%. Soyoil prices on the Chicago Board of Trade were down 0.4%.

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

  • The ringgit , palm's currency of trade, strengthened 0.05% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies.

  • Cargo surveyors estimated that exports of Malaysian palm oil products for October 1-25 rose between 46.9% and 67.7% from a month earlier.

MARKET NEWS

  • Asian stocks surged as AI company Anthropic's closely watched IPO filing lifted risk appetite ahead of tech earnings that will be a test for the AI trade, and central bank meetings that will influence near-term interest rates. MKTS/GLOB

DATA/EVENTS

1230 US Durable Goods Sep

1400 US Consumer Confidence Oct

($1 = 4.0850 ringgit)

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.
 

Cryptocurrency-related content is intended solely as news and market commentary. Crypto Derivatives are not available to Retail clients registered with Capital Com (UK) Ltd.