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Malaysian palm oil futures gained 1.1% on expectations of tighter supplies and strong biodiesel demand. Analysts had revised up their price outlooks after forecasting lower 2020 Malaysian output due to dry weather and fertiliser cuts.
Haze from Indonesian forest fires may also have hurt palm fruit quality.
Lower output forecasts and biodiesel-driven demand point to a firmer vegetable oil market, which raises input costs for oil-based feed ingredients. Traders expect stocks to fall further over the next year.
businesstimes.com.sgNov 3, 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 gained on expectations of tighter supply, strong biodiesel demand, dry weather, fertiliser cuts and haze, directly describing the rally drivers.
Expectations of tighter supply (dry weather, fertiliser cuts, haze) and strong biodiesel demand drove further gains and upward analyst revisions.
