KUALA LUMPUR: Malaysian palm oil futures edged lower in early trade on Wednesday, weighed down by weaker overnight soyoil on the US Chicago Board of Trade (CBOT) and a fall in oil prices.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was last down 0.4pc at 2,000 ringgit ($480.31) per tonne.
The Chicago July soybean oil contract had fallen 0.6pc on Tuesday, and was last slightly down 0.1pc.
FUNDAMENTALS US corn futures edged down on Wednesday after gains of nearly 3pc in the previous session, but losses were checked by a larger-than-expected cut in yield forecasts by the US Department of Agriculture.
Oil prices fell on Wednesday, dragged by a weaker oil demand outlook and a rise in US crude inventories despite growing expectations of ongoing OPEC-led supply cuts.
MARKET NEWS Asian share markets got off to a cautious start on Wednesday as the White House took a tough line on a trade deal with China, just as investors were bracing for the latest batch of economic data from the Asian giant.
The dollar hung near an 11-week low against its peers on Wednesday, weighed by expectations the US Federal Reserve could cut interest rates some time in the next few months.
US stocks ended flat and the Dow snapped a six-day winning streak on Tuesday, as investors paused following a run of gains and fresh worries emerged over the US trade war with China.
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