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Markets

Palm oil snaps 3-day rally, higher exports limit losses

  • Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Published December 21, 2020

SINGAPORE: Malaysian palm oil futures snapped a three-day rally to trade slightly lower on Monday, tracking losses in soyoil on the Chicago Board of Trade (CBOT), although the losses were limited following a jump in exports.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 2 ringgit, or 0.1%, to 3,442 ringgit ($851.17) by midday.

"Palm is tracking weak external markets," a Kuala Lumpur-based trader told Reuters. "Export figures capped losses."

Soyoil on the CBOT last fell 0.2% but touched a more than six-year high on Friday, on rising concerns that crop shortfalls in South America will tighten global stockpiles.

Elsewhere, soy and palm oils on the Dalian Commodity Exchange rose 0.55% and 0.15% respectively.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

But, higher exports helped put a floor to the losses. Exports rose 18.9% in December 1 to 20, compared with the same period a month ago, cargo surveyor Intertek Testing Services said on Sunday.

Palm oil may retest a resistance at 3,474 ringgit per tonne, a break above which could lead to a gain into the 3,504-3,552 ringgit range, Reuters analyst Wang Tao said.

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