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Malaysian palm oil futures fell 1.26% to 4,371 ringgit a tonne on July 30, though the benchmark still rose more than 2% for the week, its sixth straight weekly gain. Traders cited profit-taking and weak destination demand at very high prices, with Chicago soyoil down 1.48%.
Routine price moves with profit-taking show the rally is facing resistance from buyers at current levels. Weaker soyoil on the day signals some short-term easing in the vegetable oil complex.
brecorder.comReutersJul 30, 2021Not 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.
