JAKARTA: Malaysian palm oil futures fell on Thursday, underpinned by the losses in rival oils in Dalian and Chicago soyoil futures.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange decreased 10 ringgit, or 0.26%, to 3,853 ringgit ($804.22) a metric ton in morning trade.
Fundamentals
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Soyoil contract at Dalian Commodity Exchange were down 0.14%, while its palm oil contract fell 0.14%. Meanwhile, soyoil prices on the Chicago Board of Trade were down 0.04%.
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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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Exports of Malaysian palm oil products for Feb. 1-20 were seen falling by 3.4% to 18.3% from the previous month, cargo surveyors data showed.
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Oil prices rose slightly, holding to gains from the previous session that came amid signs of tighter supply.
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Palm oil remains neutral in a range of 3,815 ringgit to 3,891 ringgit per metric ton, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.
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