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Malaysian palm oil futures fell about 1% on February 2, with the April contract down 38 ringgit to 3,760 ringgit per tonne and about 6% lower on the week. India said it would step up domestic oilseed production to cut vegetable oil imports, and Indonesia set its February palm reference price at $806.40 per tonne.
Reduced Indian import plans weaken demand for palm and rival edible oils, pressuring prices. Indonesia's export reference price sets the baseline for export costs and can affect trade flows.
brecorder.comReutersFeb 2, 2024After 158 past bearish trade events, Palm Oil moved a median +0.0% over 5 sessions (51% higher; middle half -1.3% to +0.8%), and -1.4% over 20.
After 152 past bearish trade events, Soybean Oil moved a median -0.2% over 5 sessions (47% higher; middle half -2.1% to +2.1%), and -0.1% 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.
