KUALA LUMPUR: Malaysian palm oil futures fell for a second session on Monday, hitting a near four-week low, tracking losses in rival oils in anticipation of higher global edible oil supplies.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange slid 1.45%, or 71 ringgit, to 4,809 ringgit ($1,156.57) a tonne during early trade, its lowest since Oct. 13.
Fundamentals
Malaysia's palm oil inventories at end-October is pegged to rise 3.4% to 1.81 million tonnes, lifted by a plunge in exports amid shrinking output, according to a Reuters survey on Friday.
Soybean prices on the Chicago exchanges have been pressured by strong planting progress in South America and expectations for the US Department of Agriculture to raise its upcoming U.S harvest forecasts.
Soyoil prices on the Chicago Board of Trade gained 0.2%, after declining 1.3% in the previous session. Dalian's most-active soyoil contract fell 3.6%, while its palm oil contract was down 3.9%.
- 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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