JAKARTA: Malaysian palm oil futures fell for a second consecutive session on Tuesday, weighed down by lacklustre performances in Chicago soyoil and Dalian vegetable oils.
Malaysian palm oil lower
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange lost 69 ringgit, or 1.65%, to 4,101 ringgit ($931.20) a metric ton by 0231 GMT.
Fundamentals
Dalian’s most-active soyoil contract fell 0.49%, while its palm oil contract was down 0.73%. Soyoil prices on the Chicago Board of Trade (CBOT) lost 0.45%.
Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market.
Oil prices climbed in early trading, boosted by new tariff exemptions floated by US President Donald Trump and a rebound in China crude oil imports in anticipation of tighter Iranian supply.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Palm oil may retest support at 4,072 ringgit per metric ton, a break below could trigger a drop to 4,026 ringgit, Reuters technical analyst Wang Tao said.
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