Renewable Energy
Profit taking by palm oil rivals Chicago soyoil
The Malaysian palm futures market extended its losses on Tuesday. This followed three consecutive sessions of gains. It was dragged lower by a drop in soyoil prices in Chicago and profit-taking actions. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had fallen 19 ringgit or 0.46% to 4,075 Ringgit ($961.54) per metric ton. A Kuala Lumpur based trader stated that "the futures are in profit-taking mode following recent rally tracking Dalian and CBOT Soyoil sentiment". Chicago Board of Trade Soyoil was down by 0.83%. Dalian's soyoil contract with the highest volume was up by...