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Malaysian palm oil futures were virtually unchanged on June 7, closing 2 ringgit higher at 3,318 ringgit a tonne. Reuters survey data showed Malaysian end-May inventories expected to rise 6.8% to 1.6 million tonnes as output reaches its highest this year.
Rising Malaysian production and stockpiles weigh on palm oil prices, as seasonal output gains and recovering labour supply add to supply. Looming El Niño dryness is a potential future support but has not yet changed near-term balances.
brecorder.comReutersJun 7, 2023Not 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.
