KUALA LUMPUR: Malaysian palm oil futures closed down on Thursday after rising in the previous session, weighed down by mixed trading in rival oils.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange fell 34 ringgit, or 0.79%, to 4,277 ringgit ($993.03) a metric ton at the close.

The contract had risen 0.91% on Wednesday.

The closing market today failed to revisit the morning high as rival oilseeds trading was mixed, said a Kuala Lumpur-based trader.

Dalian’s most-active soyoil contract fell 0.51%, while its palm oil contract shed 0.18%. Soyoil prices on the Chicago Board of Trade were up 0.12%.

Palm oil tracks prices of rival edible oils as they compete for a share of the global vegetable oils market.

Palm oil extends declines on weaker rivals; export data caps losses

Oil prices were broadly flat on Thursday as investors waited on developments in the Middle East, the release of official U.S. oil inventory data and details on China’s stimulus plans.

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

The ringgit, palm’s currency of trade, weakened 0.4% against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies.

European Union ambassadors agreed to delay the implementation of the landmark deforestation law by a year till the end of December 2025, they said in a statement.