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Malaysian crude palm oil futures fell 3.2% to 3,455 ringgit per tonne on April 27 after Indonesia announced a domestic obligation cut and a lower export ratio. The decline came despite the expected tightening of export supply.
Market reaction suggests traders expect weaker demand and falling crude oil to outweigh the Indonesian supply cut, limiting palm's upside. Lower crude reduces the biodiesel appeal of palm and other vegetable oils.
pwc.comPricewaterhouseCoopersApr 28, 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.
Futures fell 3.2% on April 27 after Indonesia's policy announcement, though the decline ran against the expected export tightening.
