# Palm oil drops on strong ringgit, posts second monthly fall - Markets - Business Recorder

> 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.

- Date: 2024-07-31 · published 2024-07-31T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/29381-palm-oil-drops-on-strong-ringgit-posts-second-monthly-fall-markets-business
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

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.

## Read by commodity

- PALMOIL: bearish ▼

## Sources

- brecorder.com: https://www.brecorder.com/news/40315240

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.