Markets

Palm tracks fall in Dalian oils as China's US soybean imports surge

  • Both the soyoil and palm oil contracts on the Dalian exchange declined 0.5% as China's US soybeans imports surged.
Published December 28, 2020

SINGAPORE: Malaysian palm oil futures slipped on Monday to snap a two-session winning streak, as rival oils on the Dalian Commodity Exchange fell on higher Chinese imports of US soybean.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 10 ringgit, or 0.3%, to 3,559 ringgit ($877.90) in early trade. The contract had gained 1% in the previous session.

"The contract was weighed by weakness on the Dalian Commodity Exchange," a Kuala Lumpur-based trader told Reuters.

Both the soyoil and palm oil contracts on the Dalian exchange declined 0.5% as China's US soybeans imports surged.

Its imports of US soybeans in November more than doubled from the previous year, customs data showed on Friday, as cargoes booked following a Phase 1 trade deal between the United States and China arrived in the country.

Soyoil on the Chicago Board of Trade meanwhile edged 0.2% higher. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Comments

Comments are closed.