At 3,933 ringgit ($903.10) per tonne, the benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 44 ringgit, or 1.11 percent. A trader stationed in Kuala Lumpur stated, “The benchmark is having a correction from profit taking after the recent rally and tracking a decline in Dalian palm oil.”
The most active soyoil contract in Dalian decreased 1.24 percent, and the palm oil contract decreased 1.76 percent. Due to a holiday, the Chicago Board of Trade is closed.
As competing oils vie for market share in the global vegetable oils industry, palm oil keeps track of changes in pricing for related oils.
Amspec Agri estimates that 1,376,412 tonnes of palm oil were exported from Malaysia in August.
