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Malaysian palm oil futures rose nearly 2% to 3,864 ringgit per tonne, setting up a second weekly gain of 3.4%. Buying was driven by China's purchase of 150,000 tonnes of RBD palm oil and by expectations of tight supply.
Chinese buying and tight global edible oil supply support higher palm oil prices, which lifts feed fat and vegetable oil costs.
brecorder.comReutersApr 9, 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.
