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Malaysian palm oil futures rose for a third straight session, trading about 3% higher on Friday. The April contract on Bursa Malaysia gained 101 ringgit to 3,489 ringgit a tonne after dipping early.
Malaysia reported December exports up 10.8% year on year, led by palm oil.
Higher Indonesian export levies and duties have made Malaysian palm oil more competitive, supporting Malaysian prices and drawing demand toward Malaysian supply. Palm oil competes with soyoil and other vegetable oils, so firmer palm prices also support the vegetable oil complex.
brecorder.comReutersJan 29, 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.
