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 VEGOILS-Palm extends fall on cheaper rivals, higher output

28.09.2021 (www.todayonline.com)  - SINGAPORE, Sept 28 - Malaysian palm oil futures fell for a third straight session on Tuesday, tracking weakness in rival Dalian and Chicago Board of Trade oils and on improving production.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange slid 47 ringgit, or 1%, to 4,344 ringgit ($1,037.50) a tonne in early trade.

"External markets are dragging (down prices)," a Kuala Lumpur-based trader told Reuters.

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

Dalian soybean and palm oil fell 2.5% and 1.9%, respectively, while Chicago Board of Trade soybean oil was down 0.9%.

The Southern Peninsular Palm Oil Millers' Association said on Monday production in their member states in Malaysia rose 0.5% during the Sept. 1-25 period from a month earlier.

Read more at https://www.todayonline.com/world/vegoils-palm-extends-fall-cheaper-rivals-higher-output

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