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KUALA LUMPUR: Malaysian palm oil futures fell for a third session on Tuesday, hitting their lowest close in almost a month, due to weakness in rival edible oils amid global economic concerns.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange slipped 61 ringgit, or 1.51%, to 3,982 ringgit ($888.44) a tonne, its lowest close since February 15.
“The weak macroeconomics, with a couple of US banks failing, has added further bearish sentiments,” said Anilkumar Bagani, head of research at Mumbai-based vegetable oils broker Sunvin Group.
An agreement allowing the safe export of grain from Ukraine’s Black Sea ports will be automatically extended after it expires on March 18 if there are no objections from the parties involved, Russian state news agency TASS reported on Tuesday.
Oil prices fell more than $2 a barrel as the collapse of Silicon Valley Bank rattled equity markets and fueled fears of a new financial crisis, making palm a less attractive option for biodiesel feedstock.
Palm slips to nearly a month low on weaker rival oils
Dalian’s most active soybean oil contract fell 2.2%, while its palm oil contract eased 2.05%. Soyoil prices on the Chicago Board of Trade ticked up 0.1%.
Capping losses, Malaysia’s exports of palm oil products for March 1-10 rose 50.8% to 487,530 tonnes from February 1-10, cargo surveyor Societe Generale de Surveillance said on Monday.
India is likely to import 1.5 million tonnes of duty-free sunflower oil in the current financial year to March 31, trade and government sources said, half a million tonnes less than the quota allocated by the government.
Indonesia plans to set its crude palm oil reference price at $911.41 per tonne for March 16-31, up from $889.77 per tonne in the first half of the month, Musdhalifah Machmud, an official at the Ministry of Economic Coordinating, said on Monday.