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Malaysian palm oil futures rose over 3% to an 18-month high on expectations of lower production. The benchmark January contract closed 3.4% higher at 2,498 ringgit per ton.
Gains were capped by a stronger ringgit, and Dalian palm oil also traded at record levels.
Expectations of lower palm output tighten the vegetable oil supply outlook and support prices for oil-based feed ingredients. Strength on the Dalian exchange signals firm Chinese demand.
thestar.com.myThe Star OnlineOct 30, 2019Not 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 hit an 18-month high on lower output expectations, which is direct supply-driven price momentum within the window.
Futures jumped over 3% to an 18-month high on 2019-10-30 on lower output expectations, directly part of the rally leading into the 2019-10-31 move.
Futures hit an 18-month high on lower output expectations just before the window, showing the supply-driven momentum that carried into the 1-day move.
Palm hit an 18-month high on lower output expectations, part of the momentum leading into the window.
