Palm falls more than 1% on weaker rival oils, crude

Business Recorder reported that Malaysian palm oil futures dropped more than 1% on Thursday, trading near their lowest level in 25 weeks. The January contract on Bursa Malaysia Derivatives Exchange was down 56 ringgit, or 1.25%, at 4,440 ringgit ($1,093.33) per metric ton in early trading.

The decline extended the contract’s losing streak to four sessions. Lower prices for competing edible oils and softer crude oil were cited as the pressures weighing on palm futures. The move puts palm oil among commodities facing pressure from both rival oils and energy markets, a connection relevant to investors monitoring edible-oil and crude price movements.