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Palm oil futures have rallied into a bull market, about 30% above the July four-year low. A Bloomberg survey of 11 traders and analysts expects benchmark futures to average RM2,350 a tonne this quarter and RM2,400 in early 2020.
Respondents cite Indonesian biodiesel demand, slowing output growth and higher Chinese imports as the drivers.
Slowing production and firmer Indonesian biodiesel and Chinese import demand tighten vegetable oil supply, supporting palm and soybean oil prices. Palm's premium over gasoil, however, reduces its appeal as a biofuel feedstock and limits further upside.
thestar.com.myThe Star Online4 nov 2019Tras 133 eventos alcista de comercio pasados, Aceite de palma se movió una mediana de +0,7 % en 5 sesiones (64% al alza; mitad central entre -0,8 % y +2,3 %), y +1,7 % en 20.
Tras 224 eventos alcista de comercio pasados, Aceite de soja se movió una mediana de +0,4 % en 5 sesiones (54% al alza; mitad central entre -1,5 % y +2,1 %), y -0,5 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
Survey of traders expects continued price gains on Indonesian biodiesel demand, slowing output growth and higher Chinese imports.
