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A weekly palm oil update says Malaysian August futures fell nearly 6% to USD 694 a tonne on June 7 amid weak Chinese industrial data. Malaysian end-May inventories are expected to rise 6.8% to 1.6 million tonnes, the highest since December, and MPOB sees Malaysian output possibly falling 1-3 million tonnes in 2024 due to El Niño.
Higher stocks and a weak Chinese demand outlook pressure palm prices now, while the forecast 2024 El Niño output loss supports prices later. The mix of near-term bearish and longer-term bullish factors keeps the outlook mixed.
pwc.comPricewaterhouseCoopersJun 15, 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.
