JAKARTA, July 29 (Reuters): Malaysian palm oil futures fell on Monday, weighed down by weakness in rival vegetable oils on the Dalian Commodity Exchange and a firm ringgit.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange closed down 0.84 per cent to 3,909 ringgit ($843.00) a metric ton.
"Bursa Malaysia palm oil started lower because of tracking spillover weakness from Dalian Commodity Exchange market and firm ringgit," a Kuala Lumpur-based trader said.
Dalian's most-active soyoil contract declined 1.08 per cent, while its palm oil contract rose 0.69 per cent. Soyoil prices on the Chicago Board of Trade were down 0.81 per cent.
Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
Malaysian ringgit, the contract's currency of trade, strengthened 0.39 per cent against the U.S. dollar, making palm oil less attractive for foreign currency holders.
Palm oil futures decline
FE Team | Published: July 29, 2024 23:50:32
Palm oil futures decline
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