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Malaysian palm oil futures fell 5.82% to 3,205 ringgit per tonne on May 31, 2023, a new low for the year and lowest since November 2020. Malaysia's May exports fell 0.8% from April according to Intertek, while AmSpec reported a 1.8% decline.
Indonesia set its June 1-15 CPO reference price at $811.68 per tonne, lowering its export tax.
Weaker May export data and lower rival oilseed prices add bearish pressure on palm and soy oil, which compete for feed-fat demand. Lower Indonesian export taxes slightly support export flows.
brecorder.comReuters31 may 2023Tras 158 eventos bajista de comercio pasados, Aceite de palma se movió una mediana de +0,0 % en 5 sesiones (51% al alza; mitad central entre -1,3 % y +0,8 %), y -1,4 % en 20.
Tras 152 eventos bajista de comercio pasados, Aceite de soja se movió una mediana de -0,2 % en 5 sesiones (47% al alza; mitad central entre -2,1 % y +2,1 %), y -0,1 % 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.
Futures fell 5.82% to a multi-year low on May 31 on weaker rival oils and negative May export data, a demand and sentiment shock that is the main driver of the move ending June 1.
Palm futures hit a multi-year low on May 31 as rival oils weakened and May exports fell 0.8-1.8% (demand), directly describing the day's sell-off.
