Palm flat as strong Dalian oils counter weak demand
KUALA LUMPUR: Malaysian palm oil futures were largely flat on Thursday as stronger rival Dalian oils supported the market, while weak demand from key markets, including India, countered the gains.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose 2 ringgit, or 0.05%, to 4,102 ringgit ($963.59) a metric ton at the close.
The market was trading sideways following an upward momentum seen in Chinese vegetable oil futures in Asian hours, and the persistent bullish trend in ultra-low sulfur diesel (ULSD) futures, said Anilkumar Bagani, research head at Mumbai-based vegetable oil broker Sunvin Group.
But a lack of fresh buying support from destination markets and the weak buying demand from India capped the gains, Bagani added.
Dalian's most-active soyoil contract rose 1.44%, while its palm oil contract added 0.45%. The Chicago Board of Trade was closed for a public holiday.
Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market.
Oil prices rose after Israel and Iran continued to exchange missile attacks overnight and U.S. President Donald Trump's stance on the conflict kept investors on edge.
Indian refiners cancel palm oil orders for July-Sept as prices surge
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Indian refiners cancelled orders for 65,000 metric tons of crude palm oil (CPO) scheduled for delivery from July to September following a sudden surge in benchmark Malaysian prices, four trade sources told Reuters.
The ringgit, palm's currency of trade, weakened 0.21%against the U.S. dollar, making the commodity slightly cheaper for buyers holding foreign currencies.
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