Palm oil retreated, following a decline in prices of vegetable oils in China and as traders assessed the latest export data from second-biggest supplier Malaysia. Losses in related edible oils were weighing on prices, said a senior analyst. Refined palm oil on the Dalian Commodity Exchange fell as much as 0.9%, while soybean oil dropped 1%. Some profit-taking after two days of gains was also seen in the market and participants will be watching for production estimates to assess stockpiles at the end of the month, he said. Palm oil’s fundamentals remain weak with the market expecting production to rise, according to a trader. The latest Malaysian export data is not helping palm oil keep earlier gains, he said.
