Loading…
Palm oil prices rose in Malaysia and Indonesia on June 30, offsetting India's customs duty cut on crude edible oils announced the previous night. India also removed refined palm oil imports from its restricted list, allowing them to enter freely.
Bursa Malaysia palm futures closed near a three-week high.
India's duty cut was meant to lower domestic edible oil prices, but higher producer-country prices absorb much of the benefit, keeping palm oil firm for importers. Demand from India is a key support for palm and rival vegetable oils.
thehindubusinessline.comJun 30, 2021After 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.
After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), and -0.5% over 20.
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.
