KUALA LUMPUR (June 3): Malaysian palm oil futures fell over 1% to a one-week low in the first half of trade on Monday, due to broad-based weakness in global equities and commodities markets. A stronger ringgit usually weakens sentiment for palm oil, as it makes the edible oil more expensive for foreign buyers. The Chicago July soybean oil contract fell 0.7% on Friday after four earlier sessions of gains, and was last down 0.4% on Monday. In other related oils, the September soyoil contract on the Dalian Commodity Exchange slipped 1.6% and the Dalian September palm oil contract fell 1.9%. Palm oil prices are affected by movements in soyoil, with which it competes for global market share.

Source: The Edge Markets June 03, 2019 06:22 UTC