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Crude palm oil prices neared an eight-year high after Malaysian Palm Oil Board data showed October stockpiles fell 8.6 percent to 1.57 million tonnes, the lowest since June 2017. Production also contracted, and analysts expect prices to stay elevated through 2020 on tight edible oil supply and La Nina concerns.
China's stock-building purchases and biodiesel policies are also cited as support.
Lower Malaysian stocks and weaker output tighten global vegetable oil supply, supporting palm oil and feed-related prices.
themalaysianreserve.comZukriNov 12, 2020After 149 past bullish report events, Palm Oil moved a median +0.5% over 5 sessions (57% higher; middle half -1.1% to +1.8%), and +0.8% 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.
