BANGKOK, Sept 13: Malaysian crude palm oil futures fell on Wednesday morning, dragged down by lower prices of rival soyoil, dealers said. The benchmark third-month November contract on the Bursa Malaysia Derivatives exchange in Kuala Lumpur was down 12 ringgit at 1,526 ringgit a ton ($415.6) at the lunch break after trading between 1,517 ringgit and 1,536 rinngit.
Other traded contracts were down eight to 18 ringgit as 3,502 lots of 25 tons each were traded overall.
Soyaoil had a bearish impact on the market, plus crude oil was also quite down, a dealer in Kuala Lumpur said.
The mood is still the same and the chart is also bearish. Today, we saw some liquidation coming. Soyaoil and palm oil compete for exports and their prices often move in step.
In the United States, soyabean futures at the Chicago Board of Trade tumbled late Tuesday under pressure from weakness on other commodity markets and prospects of a near record US soybean harvest.
September soyaoil closed down 0.14 cents per pound at 24.21 cents.
Stocks of palm oil at the end of August were 1,684,046 tons, up 6.56 per cent from the end of July, the Malaysian Palm Oil Board said on Monday.
