KUALA LUMPUR: Malaysian palm oil futures declined in trade on Wednesday evening, tracking weakness in crude oil prices and as traders booked profit after the vegetable oil jumped to a six-week high in the previous session. Weaker crude oil prices along with profit-taking after Tuesday's gain weighed on palm prices, said a Kuala Lumpur-based trader. Palm oil prices track movements in crude oil as the vegetable oil is used for feedstock to produce biodiesel. Meanwhile, the Dalian September palm oil contract edged down 0.3 percent. Palm oil is affected by movements in rival edible oils as they compete for a share in the global vegetable oils market.

Source: The Star May 23, 2018 18:22 UTC