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Markets

Palm extends fall to hit over 4-month low on cheaper US soyoil

  • CBOT soybean and soyoil prices fell more than 2% each, weighed down by a possible US move to reduce biodiesel production.
14 Jun, 2021

SINGAPORE: Malaysian palm oil futures fell for a sixth straight session on Monday, hitting their lowest in more than four months, as rival soyoil on the Chicago Board of Trade (CBOT) declined.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 205 ringgit, or 5.7%, to 3,454 ringgit a tonne in early trade, heading for its biggest daily drop in a month.

Last week, the contract posted its first weekly drop in three weeks, falling 11.3%.

"Bursa Malaysia Derivatives Exchange crude palm oil futures are trading sharply lower following bearish momentum in CBOT soy oil futures," said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.

CBOT soybean and soyoil prices fell more than 2% each, weighed down by a possible US move to reduce biodiesel production.

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

Palm oil may test a support at 3,602 ringgit to 3,635 ringgit per tonne, a break below which could open the way towards the range of 3,447-3,506 ringgit, Reuters technicals analyst Wang Tao said.

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