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Malaysian palm oil futures closed up 0.1% for a second straight session, tracking gains in rival soybean and palm oils on Dalian and CBOT. Cheaper crude oil capped the gains by making palm less competitive as a biofuel feedstock.
Crude prices fell after an unexpected rise in US inventories and concerns about China's economy.
Palm oil is supported by costlier rival oils, but lower crude prices reduce its appeal for biofuel use, which limits the price gains.
brecorder.comReutersSep 29, 2021Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
