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Malaysian palm oil futures closed up 0.34% on December 1, 2021, but stayed near an eight-week low as Omicron-driven lockdown worries threatened demand. SPPOMA estimated November output fell 6.8% month on month.
FGV Holdings said migrant workers could arrive by end-March 2022 to ease a labour shortage.
Lower output and labour shortages are supportive for palm prices, but demand uncertainty from Omicron restrictions is capping gains. Indian refiners cutting palm purchases in favour of soyoil and sunflower oil add further pressure.
brecorder.comReutersDec 1, 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.
Prices stayed near eight-week low on Dec 1 on Omicron lockdown demand fears, partly offset by lower output.
