Palm snaps three-session winning streak as Dalian oils fall

SINGAPORE/KUALA LUMPUR: Malaysian palm oil futures snapped a three-session winning streak on Monday as Dalian oils fell on higher Chinese imports of US soybean, but higher December palm oil exports limited losses.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 21 ringgit, or 0.59%, to 3,548 ringgit ($875.83) by the midday break.

The contract had gained 1% in the previous session to hit its highest since April 13, 2012.

Exports of Malaysian palm oil products for Dec. 1 to 25 rose 17% compared to the same period in November, cargo surveyors said.

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

Dalian's most-active soyoil contract fell 1%, while its palm oil contract declined 1.3% 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 prices on the Chicago Board of Trade meanwhile rose 0.12%.

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

Meanwhile, top palm producer Indonesia raised the crude palm oil (CPO) reference price for January to $951.86 per tonne, and export tax collected from CPO to $74 per tonne.