Palm falls tracking rival oils
- "Weakness in commodities across the board may weigh and keep prices in negative territory," a Kuala Lumpur-based trader said.
KUALA LUMPUR: Malaysian palm oil futures opened lower on Monday, tracking weak sentiment in rival oils.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange fell 58 ringgit, or 1.57%, to 3,634 ringgit ($876.51) a tonne during early trade.
"Weakness in commodities across the board may weigh and keep prices in negative territory," a Kuala Lumpur-based trader said.
FUNDAMENTALS
Leading analysts said last week major vegetable oil prices, such as palm oil and soybean oil, have likely already peaked at multi-year highs in 2021 and while prices are expected to fall, they will not likely collapse.
Dalian's most-active soyoil contract fell 1.94%, while its palm oil contract fell 2.24%. Soyoil prices on the Chicago Board of Trade dipped 0.08%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
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