Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm hits one-month low on soy, crude weakness

KUALA LUMPUR, Nov 17 (Reuters) - Malaysian palm oil futures fell to a one-month low on Thursday, as traders adjusted positions ahead of a long holiday weekend, while weakness in rival soy oil and crude futures also weighed on the market.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange slid 124 ringgit, or 3.11%, to 3,897 ringgit ($856.48) a tonne in early trade, down for a fourth consecutive session. For the week, it has declined 9.5% so far.

Malaysia's financial markets will be closed on Friday for a public holiday, a day before the country holds a general election.

FUNDAMENTALS
Oil prices fell for a second straight day as concerns over geopolitical tensions eased, making palm a less attractive option for biodiesel feedstock.

Rising coronavirus infections in China, which is still following a strict zero-COVID policy, added to concerns over demand for edible oil and crude.

Dalian's most-active soyoil contract DBYcv1 fell 1.3%, while its palm oil contract DCPcv1 eased 3.1%.

Soyoil prices on the Chicago Board of Trade BOcv1 were down 1%, extending an overnight plunge as the contract retreated from a five-month high set last week.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

MARKET NEWS
Asian stocks were mixed while the U.S. dollar stabilised and Treasury yields remained depressed as investors tried to assess the outlook for Federal Reserve policy following stronger-than-expected retail sales data.
By: via Malaysian Palm Oil Council Russia