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India's palm oil imports rose 41% month on month in April to 682,000 tonnes, the highest in three months, as lower prices prompted refiners to buy more. Palm was offered at about $920 per tonne CIF for June delivery, roughly level with soyoil and below sunflower oil, and May imports may rise by about 700,000 tonnes.
Stronger Indian demand and palm's price correction to parity with rival oils support palm prices near three-month lows. Sunflower oil loses share in India, which is a bullish signal for palm.
freemalaysiatoday.comReutersMay 2, 2024After 133 past bullish trade events, Palm Oil moved a median +0.7% over 5 sessions (64% higher; middle half -0.8% to +2.3%), and +1.7% over 20.
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.
