Palm opens over 1% lower on weak rival edible oils, crude oil

Malaysian palm oil futures fell at the start of trading on Tuesday, extending their decline into a second session. Business Recorder reported that pressure came from lower prices for competing edible oils and crude oil, although the report did not give figures for those markets.

The January contract on Bursa Malaysia Derivatives Exchange was down 80 ringgit, or 1.67%, at 4,709 ringgit ($1,152.75) per metric ton in early trade. The move gives Pakistan’s edible-oil and vanaspati businesses a relevant commodity-market signal, but the source reports no local prices, company developments or impact estimates. It also provides no further detail on what drove the weakness in rival oils or crude.