Malaysian palm oil futures eased on Thursday as a stronger ringgit and weaker related oils on China's Dalian Commodity Exchange weighed on prices. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 0.8% at 2,189 ringgit per tonne at the close of trade. Palm oil may fall into a range of 2,166-2,183 ringgit per tonne, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
Meanwhile, the January soyaoil contract on the Dalian exchange fell 0.6% and the Dalian January palm oil contract declined 1.2%. Palm oil prices are affected by movements in related oils, as they compete for a share in the global vegetable oils market.
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