# Palm oil closes lower, ending six-day rally - Newspaper - DAWN.COM

> Malaysian palm oil futures closed 0.4% lower at 2,485 ringgit per ton after touching a 19-month high, ending a six-session rally. Traders cited a firmer ringgit and a view that the contract was overbought. Prices had rallied on expectations of higher biofuel consumption.

- Date: 2019-11-01 · published 2019-11-01T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/4285-palm-oil-closes-lower-ending-six-day-rally-newspaper-dawn-com
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

A stronger ringgit makes palm oil more expensive for foreign buyers, and overbought conditions can produce short-term pullbacks. The longer-term biofuel-driven support still applies to vegetable oil prices.

## Read by commodity

- PALMOIL: bearish ▼

## Sources

- dawn.com: https://www.dawn.com/news/1514148

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.