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Malaysian palm oil stockpiles likely rose for a seventh month in November to about 2.48 million tonnes, the highest since April 2019, according to a Bloomberg survey. Crude palm oil output fell 6.2%, while exports were forecast at 1.52 million tonnes.
Futures declined for a third day.
Stocks building to multi-year highs with weak winter demand is bearish for palm oil prices, though lower output partly offsets the pressure.
ukragroconsult.comDec 7, 2023After 96 past bearish report events, Palm Oil moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), and -0.9% 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.
