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KUALA LUMPUR, Dec 29 (Reuters) – Malaysian palm oil futures fell on Thursday, down for a second session, as traders booked profits ahead of the New Year’s holiday.
The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange slid 64 ringgit, or 1.57%, to 4,023 ringgit ($909.36) a tonne during early trade.
Palm oil had tracked a rally in Dalian edible oil prices earlier this week on optimism over a recovery in demand in key market China, after Beijing announced an easing of its border entry rules.
FUNDAMENTALS
* Malaysia has maintained its January export tax for crude palm oil at 8% and raised its reference price, a circular on the Malaysian Palm Oil Board website showed on Wednesday.
* Dalian’s most-active soyoil contract DBYcv1 fell 0.3%, while its palm oil contract DCPcv1 eased 1.4%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.2%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
MARKET NEWS
* Oil prices ticked down as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand in the world’s second-biggest oil consumer. O/R
* Equity indexes closed lower on Wednesday while U.S. Treasury yields rose as investors eyed 2023 with caution and weighed hopes for an economic boost from China’s relaxed COVID-19 restrictions against concerns about rising infections there. MKTS/GLOB
DATA/EVENTS (GMT)
1330 US Initial Jobless Clm Weekly
($1 = 4.4240 ringgit)
(Reporting by Mei Mei Chu; editing by Uttaresh.V)
((Meifong.chu@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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