JAKARTA: Malaysian palm oil futures on fell on Monday, weighed down by weakness in rival vegetable oils on the Dalian Commodity Exchange.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange lost 54 ringgit or 1.37% to 3,888 ringgit ($838.65) by 0241 GMT.
Palm snaps 3-session losing run on strong exports
The contract lost 0.48% last week, a second consecutive weekly drop.
Fundamentals
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Dalian’s most-active soyoil contract dropped 2.08%, while its palm oil contract was down 1.1%. Soyoil prices on the Chicago Board of Trade were up 0.3%.
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Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
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Cargo surveyor Societe Generale de Surveillance estimates exports of Malaysian palm oil products at 1,193,049 metric tons for July 1-25, from 908,517 tons during June 1-25, according to LSEG.
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Meanwhile, cargo surveyors Intertek Testing Services and Amspec Agri said exports of Malaysian palm oil products for July 1-25 rose 31% year-on-year.
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Palm oil may retrace to 3,913 ringgit, as it failed to break resistance at 3,953 ringgit per metric ton, Reuters technical analyst Wang Tao said.
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