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Malaysian palm oil futures fell more than 2% to their lowest in nearly two months on December 2, 2021, as Omicron variant concerns overshadowed a forecast of lower November output. SPPOMA estimated November production fell 6.8% from October.
Indonesia's biodiesel blending target to 40% by 2024 was also noted.
Demand worries from Omicron lockdowns pressured vegetable oil prices, while lower Malaysian output provided limited support. Soyoil also declined on Dalian and CBOT, reflecting sector-wide pressure.
mettisglobal.newsMG NewsDec 2, 2021Not 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.
Palm fell over 2% to a near two-month low on Dec 2 on Omicron demand worries, directly adding to the 5-day decline.
