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Malaysian palm oil futures closed down 1.54% on November 26, 2021, to 4,851 ringgit per tonne, logging a weekly loss of 2.74%. Exports for November 1-25 rose between 4.5% and 10.9% from October.
Oil prices posted their steepest daily fall since July after a new COVID-19 variant emerged.
Weak crude and a Dalian slump dragged palm lower, while a forecast of stronger production next year adds bearish pressure. Solid export growth offers some support to prices.
brecorder.comReutersNov 27, 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 1.54% on Nov 26 with weekly loss as new COVID variant triggered the steepest oil price drop since July.
Palm fell 1.54% on Nov 26 and lost 2.74% for the week as crude had its steepest daily fall since July on the new variant, which started the decline inside the 5-day window.
