Palm falls on mix trading in rival oils
Updates closing price and trader's comment
KUALA LUMPUR, Oct 17 (Reuters) -Malaysian palm oil futures closed down on Thursday after rising in the previous session, weighed down by mixed trading in rival oils.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange fell 34 ringgit, or 0.79%, to 4,277 ringgit ($993.03) a metric ton at the close.
The contract had risen 0.91% on Wednesday.
The closing market today failed to revisit the morning high as rival oilseeds trading was mixed, said a Kuala Lumpur-based trader.
Dalian's most-active soyoil contract DBYcv1 fell 0.51%, while its palm oil contract DCPcv1 shed 0.18%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.12%.
Palm oil tracks prices of rival edible oils as they compete for a share of the global vegetable oils market.
Oil prices were broadly flat on Thursday as investors waited on developments in the Middle East, the release of official U.S. oil inventory data and details on China's stimulus plans. O/R
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
The ringgit MYR=, palm's currency of trade, weakened 0.4% against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies.
European Union ambassadors agreed to delay the implementation of the landmark deforestation law by a year till the end of December 2025, they said in a statement.
($1 = 4.3070 ringgit)
Reporting by Ashley Tang; Editing by Sumana Nandy
For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils OILS/ASIA1 Malaysian palm oil exports SGSPALM1 CBOT soyoil futures 0#BO: CBOT soybean futures 0#S: Indian solvent SOLVENT01 Dalian Commodity Exchange DC/MENU Dalian soyoil futures 0#DBY: Dalian refined palm oil futures 0#DCP: Zhengzhou rapeseed oil 0#COI: European edible oil prices/trades OILS/E
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