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The Malaysian Palm Oil Board's October data showed higher production, rising inventories and lackadaisical demand from top buyers, which pushed prices lower. Malaysian October crude palm oil output was estimated at 1.83 million tonnes, up 2.59% from September.
Tridge advises buyers to take cover into 2023.
Rising output and inventories are bearish near term, though seasonal production peaks are expected to ease and the outlook may turn bullish in the new year. Buyers may benefit from locking in current lower prices.
tridge.comMarket Intelligence Analytics TeamNov 18, 2022After 96 past bearish report events, Palm Oil moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), and -0.9% over 20.
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.
