Palm oil slips as weaker crude offsets gains in edible oils

Malaysian palm oil futures were lower in early trading on Monday, November 2, as softer crude prices outweighed support from gains in other edible oils, Business Recorder reported. The January contract on Bursa Malaysia Derivatives Exchange lost 23 ringgit, a decline of 0.49%, to trade at 4,658 ringgit ($1,148.99) per metric ton.

The report indicates that the competing influences kept the move limited: lower crude prices weighed on palm oil, while firmer edible oils helped contain the fall. The figures are for early trade, rather than a reported closing price, and the source gives no further details on the scale or duration of the market move. Palm oil prices are relevant to edible-oil markets, where the reported shift in crude and other oils shaped the direction of the futures contract.