KUALA LUMPUR: Malaysian palm oil futures dropped on Tuesday, hitting their lowest point in more than a week, weighed down by weaker performing rival soyoils on China's Dalian Commodity Exchange and the Chicago Board of Trade. Benchmark palm oil for January on the Bursa Malaysia Derivatives Exchange was down 1.1 percent at 2,732 ringgit ($654) a tonne in the evening. Palm oil prices are impacted by the movements of related vegetable oils as they compete for a share in the global edible oils market. The December soybean oil contract on the Chicago Board of Trade fell 0.5 percent, while the January soybean oil contract on China's Dalian Commodity Exchange declined 0.6 percent. In related vegetable oils, the January contract for palm olein on China's Dalian Commodity Exchange was down 1.5 percent.

Source: The Star November 01, 2016 23:02 UTC