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Crude palm oil fell to the 10% daily limit, dropping below 4,000 ringgit a tonne, and soyabean oil fell about 8% in one session to a two-year low. Analysts cite excess stocks in Indonesia and Malaysia, with further declines of 5-7% possible.
Rising inventories and weak buying interest point to continued pressure on vegetable oil prices, which lowers costs for feed buyers who use oil in rations. Demand may stay muted until prices stabilise.
thehindubusinessline.comSubramani Ra MancombuJul 6, 2022Not 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.
Limit-down move below 4,000 ringgit with excess Indonesian and Malaysian stocks cited as the cause.
CPO hit its limit-down and soyoil dropped about 8% as excess Indonesian and Malaysian stocks weighed, showing broad vegetable oil weakness.
