Palm Oil Falls for Second Day on Weaker Rival Oils

Malaysian palm oil futures fell for a second straight session on Tuesday due to weaker rival oils and crude oil prices.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange dropped by RM27, or 0.58 per cent, to RM4,646 (US$1,137.61) a metric ton in early trade.

Sojoil and palm oil contracts on the Dalian exchange fell by 1.28 per cent and 1.2 per cent respectively, while soyoil prices on the Chicago Board of Trade dropped by 0.82 per cent.

Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market, making its prospects less attractive with falling crude oil futures.