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Malaysian palm oil futures fell for a second straight monthly decline as a stronger ringgit reduced the appeal of the contract to foreign buyers. Export data showed July shipments rising 22.8% to 30.9% from June, but slow buying limited the market's response.
EU palm oil imports by July 28 were 150,000 tons, down from 290,000 tons a year earlier.
A firmer ringgit lifts the cost of Malaysian palm oil for foreign buyers, weighing on futures despite strong export data. Soft EU import demand adds to the bearish pressure on prices.
brecorder.comReutersJul 31, 2024Not 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.
