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Malaysian palm oil fell 0.53% to 3,935 ringgit a tonne on Wednesday after cargo surveyors reported slower export gains for February 1-15. Softer rival oils on Dalian and the Chicago Board of Trade also weighed on the market.
The benchmark had earlier traded up 1.43% before reversing.
Slowing export growth signals weaker near-term demand and removes some support from prices. The effect is small and mostly sentiment-driven, so buyers should expect only minor pressure on vegetable oil costs.
brecorder.comReutersFeb 16, 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.
