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Malaysian palm oil futures fell for a second straight session, losing 4.8% over the period, and the July contract closed down 1.7% at 3,869 ringgit per tonne. Traders said cheaper rival vegetable oils weighed on prices, along with worries about lower Indian demand amid a COVID-19 surge.
Weaker palm and soy oil prices reduce the cost of vegetable oil inputs for feed blenders, while concern over Indian demand signals softer import interest in the near term.
brecorder.comReutersApr 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.
Palm futures fell for a second day on 30 April on cheaper rival oils and weaker Indian demand; this sets up a sharp rebound or volatility into the 2 May move, but its direction is opposite.
