Palm oil closes lower, dragged down by weaker soybean oil and crude oil as well as concerns over inventories

⑴ Palm oil prices closed lower, following declines in both soybean oil and crude oil prices. The weakness in crude oil has reduced the appeal of palm oil as a raw material for biodiesel.⑵ Sunvin Group's commodity research director Bagani stated that the market has been concerned about a further increase in Malaysian palm oil inventories, as palm oil production in the country has not shown any significant decline.⑶ He added that the possibility of Indonesia lowering its palm oil export tax has also put additional pressure on Malaysian palm oil prices.