Palm oil prices appear to be weakening again after crude oil fell, with the benchmark three-month CPO futures contract under pressure. Malaysian Palm Oil Board data showed the October 16 settlement at RM2,126 per tonne, higher than RM1,933.50 on September 2.
Lower crude oil reduces the appeal of palm oil for biodiesel and weakens the discretionary demand that supports CPO prices.
After 51 past bearish macro events, PALMOIL moved a median -1.3% over 5 sessions (35% higher; middle half -4.1% to +1.1%), and -1.8% over 20.
After 565 past bearish macro events, WTI moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
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.