VEGOILS-Palm slips on weak rival Dalian; stronger Chicago soyoil, crude limit fall
KUALA LUMPUR, Dec 17 (Reuters) - Malaysian palm oil futures inched lower for a fourth straight session on Wednesday, weighed by weaker Dalian edible oils, though stronger Chicago soyoil and crude oil prices limited the fall.
The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange slid 25 ringgit, or 0.63%, to 3,937 ringgit ($964.24) a metric ton in early trade.
FUNDAMENTALS
Dalian's most-active soyoil contract DBYcv1 fell 0.86%, while its palm oil contract DCPcv1 shed 1.14%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.12%.
Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
Oil prices climbed sharply after U.S. President Donald Trump ordered "a total and complete" blockade of all sanctioned oil tankers entering and leaving Venezuela, raising fresh geopolitical tensions at a time of concerns over demand. O/R
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
The ringgit MYR=, palm's currency of trade, remained unchanged against the U.S dollar.
The U.S. Environmental Protection Agency expects to finalize 2026 and 2027 biofuel blending mandates, which had originally been expected in late October, in the first quarter of next year.
European Union soybean imports for the 2025/26 season that began in July had reached 5.65 million metric tons by December 14, down 13% from the same period a year earlier, while palm oil imports fell 12% to 1.35 million tons, European Commission data showed.
MARKET NEWS
Asia shares were hesitant on Wednesday after a mixed U.S. jobs reading failed to move the needle on the rate outlook there, leaving investors awaiting further cues to guide their next move. MKTS/GLOB
DATA/EVENTS
0700 UK CPI, Core CPI YY Nov
0700 UK CPI Services MM, YY Nov
0900 Germany Ifo Business Climate New Dec
0900 Germany Ifo Curr Conditions, Expectations New Dec
1000 EU HICP Final MM, YY Nov
($1 = 4.0830 ringgit)
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