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Malaysian palm oil futures fell 0.57% to 4,003 ringgit on July 28, finishing the week down 0.79%. Traders attributed the decline to a stronger ringgit and weakness in competing edible oils, while Malaysian July exports were reported up 10.8% to 17.8% depending on the surveyor.
A stronger ringgit makes palm oil less attractive to foreign buyers and weaker soyoil reduces substitution support, both bearish for palm prices. Export growth is supportive but was not enough to offset these pressures this week.
brecorder.comReutersJul 31, 2023Not enough comparable past events yet for a historical read.
Not 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.
