Palm falls nearly 2% on weaker Dalian oils, high stockpiles
Bullish strength: 30/100
- October Malaysian palm oil exports were estimated to have risen 46.9% to 67.7% from the previous month.
- Stronger crude oil prices could make palm oil more attractive as biodiesel feedstock.
- Indonesia's biodiesel programme has supported domestic demand.
Bearish strength: 70/100
- Malaysian palm oil futures fell 1.82%, extending losses for a second consecutive session.
- September Malaysian palm oil inventories surged to a record 3.51 million metric tons.
- Production reached an all-time high, exceeding market expectations.
- Dalian soyoil and palm oil contracts fell 2.62% and 3.54%, respectively.
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