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Malaysian palm oil futures rose about 18% in 2020, their second straight annual gain, as dry weather and infrastructure problems constrained supply while demand stayed firm. The March contract closed the year at 3,602 ringgit a tonne, and a firmer ringgit capped gains.
Malaysian palm oil exports for Dec. 1-25 rose 14.4% from the prior period.
Tighter supply and steady demand support palm oil prices, which compete with soyoil and other vegetable oils for feed and food use. The annual gain points to firm vegetable oil costs heading into 2021.
brecorder.comReutersDec 31, 2020Not 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.
