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Malaysian palm oil futures rose more than 3% on Friday to 4,865 ringgit a tonne, their highest close since June 2022, and gained 7.25% for the week. The move followed stronger soyoil and crude oil prices and strong October export estimates of 11.5% to 13.7% growth.
Gains in soyoil and crude oil, plus strong export pace, lift palm prices and make palm more attractive as biodiesel feedstock, supporting edible oil and meal costs.
brecorder.comReutersNov 1, 2024Not enough comparable past events yet for a historical read.
Not 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.
Direct report of the Nov 1 rally to a 2.5-year high, driven by stronger soyoil and crude and strong October export estimates (demand and input-substitute channels).
Reports palm futures jumped over 3% to a multi-year high close on stronger soyoil and crude prices and strong October export estimates, directly describing the move.
Malaysian palm futures closed up over 3% at 4,865 ringgit, a 7.25% weekly gain and highest close since June 2022, driven by soyoil, crude and strong export data, directly capturing the move.
Palm futures jumped over 3% to a 2.5-year high on Nov 1, gaining 7.25% on the week on strong soyoil and crude and robust October export estimates, which directly drove the 5-day move.
