# Palm oil drops 1.4pc - Markets - Business Recorder

> Malaysian palm oil futures fell 1.4% to 2,336 ringgit per tonne on June 29, extending a four-session losing streak. Traders cited cheaper rival oils, a firmer ringgit and worries about a second COVID-19 wave curbing edible oil demand. Dalian soyoil and palm contracts also fell.

- Date: 2020-06-29 · published 2020-06-29T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/52724-palm-oil-drops-1-4pc-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Weaker rival oils and a stronger ringgit reduce palm's export competitiveness, pressuring prices. Demand concerns from virus resurgence add further downside risk.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bearish ▼

## Sources

- brecorder.com: https://www.brecorder.com/news/40001747

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.