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 Palm ends three-session rally as it tracks fall in Dalian oils

28.12.2020 (www.zawya.com) - SINGAPORE/KUALA LUMPUR- Malaysian palm oil futures ended their three-session winning streak tracking weaker Dalian oils, but stronger December palm oil exports and low output concerns limited losses.

The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange ended down 28 ringgit, or 0.78%, at 3,541 ringgit ($874.86) a tonne.

The contract had gained 1% in the previous session to hit its highest since April 13, 2012.

Exports of Malaysian palm oil products from Dec. 1 to 25 rose 17% compared to the same period in November, cargo surveyors said.

Prices were also underpinned by an industry group's estimate of output having declined 15% in some parts of Malaysia during Dec. 1 to 25 compared to the previous month, traders said.

"The contract was weighed by weakness on the Dalian Commodity Exchange," a Kuala Lumpur-based trader told Reuters.

Dalian's most-active soyoil contract and its palm oil contract declined 2% each, as China's U.S. soybean imports surged.

Its imports of U.S. soybeans in November more than doubled from the previous year, customs data showed on Friday, as cargoes booked following a Phase 1 trade deal between the United States and China arrived in the country.

Soyoil prices on the Chicago Board of Trade meanwhile fell 0.6%.

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

Meanwhile, top palm producer Indonesia raised the crude palm oil (CPO) reference price for January to $951.86 per tonne, and export tax collected from CPO to $74 per tonne. 

($1 = 4.0475 ringgit)

(Reporting by Fathin Ungku and Mei Mei Chu; Editing by Vinay Dwivedi) ((Fathin.ungku@thomsonreuters.com))


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