Palm ends lower for third session despite strong export demand

Malaysian palm oil futures finished Wednesday down 0.3% at 4,687 ringgit a metric ton, extending their decline to three sessions. The January contract had risen earlier, supported by recent export strength and expected festive-season buying in India ahead of Diwali, Business Recorder reported.

Surveyors put Malaysian palm product exports for October 1-25 between 46.9% and 67.7% above the previous month. Crude oil gained more than 1% following an attack on a Saudi refinery, a move that can improve palm’s appeal as biodiesel feedstock, while the ringgit’s 0.32% rise against the dollar made the commodity costlier for overseas buyers. Other edible-oil markets were mixed: Dalian soyoil rose 0.65%, but its palm contract fell 0.4%, and Chicago soyoil slipped 0.24%.