Crude oil and palm oil are both weaker than their rival oils

The market was pressured by the weaker rival oils and crudes, as well as the inability to breach a technical level.

At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for delivery in November fell 35 ringgit (0.78%) to 4,441 Ringgit ($1,056.12) per metric ton. The contract increased by 2.19% on Monday.

A Kuala Lumpur-based broker said that the absence of follow-through purchases and the failure to break psychologically important levels had a negative impact on crude palm oil futures as well as rival Dalian.

The trader said that Dalian and FCPO both failed to surpass the psychological marks of 9,500 yuan (or 4,500 ringgit) and respectively.

Dalian's palm oil contract, which is the most active contract in Dalian, fell 0.78%. Chicago Board of Trade soyoil fell by 0.55%.

As palm oil competes to gain a share in the global vegetable oils industry, it tracks price changes of competing edible oils.

The oil price fell more than 1% before a weekend gathering of OPEC+ members, who are expected to discuss a further increase in production goals in October.

Palm oil is less appealing as a biodiesel feedstock due to the weaker crude oil futures.

The palm ringgit currency of trade remained unchanged in relation to the U.S. Dollar.

Five dealers report that India's palm-oil imports surged to a record high in August, largely due to the competitive price of soyoil, which prompted refiners and retailers to increase purchases before the festive season.

Data published by the European Commission shows that the European Union's soybean imports in 2025/26, which began in July, reached 2,29 million metric tons on August 31 compared to 2.42 million metric tons the previous year, and palm oil imports dropped from 0.58 millions metric tons to 0.42million metric tons. ($1 = 4.2050 ringgit)

(source: Reuters)