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Malaysian palm oil futures rose 2.59% on May 19 to 3,480 ringgit a tonne, supported by renewed Chinese buying and a Chicago soyoil rally, though the contract lost 4.6% for the week. Malaysia kept its June crude palm oil export tax at 8% and raised the reference price.
Renewed Chinese demand and firmer soyoil offered support, but a higher Malaysian export tax reduces competitiveness against Indonesia.
brecorder.comReutersMay 19, 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.
