Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm drops on weaker rivals, profit-taking

KUALA LUMPUR, Dec 29 (Reuters) - Malaysian palm oil futures fell on Wednesday, tracking weaker rivals oils and as traders booked profit after prices rose to a two-week high in the previous session.

The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange dropped 1.4% to 4,705 ringgit ($1,125.60) in early trade. It rose 3.56% on Tuesday, but slipped 0.5% in overnight trade.

FUNDAMENTALS
Dalian's soyoil contract DBYcv1 slid 0.7%, while its palm oil contract DCPcv1 dropped 0.71%. Soybean oil prices on the Chicago Board of Trade BOc2 fell 0.19%.

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

U.S. oil rose for a sixth consecutive session while Brent gained more ground with a broad-based rally in global markets supporting prices.

Stronger crude oil futures typically make palm a more attractive option for biodiesel feedstock.

MARKET NEWS
Asian stocks slipped following a mixed Wall Street session as the region's investors positioned their portfolios for the new year and continued to grapple with increasing Omicron coronavirus cases globally.
By: via Malaysian Palm Oil Council Russia