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Malaysian crude palm oil futures ended lower on June 22 as expectations of higher output weighed on prices. Analysts said a second COVID-19 wave could hurt demand, and OCBC economist Howie Lee warned that US soybean purchases under the US-China trade deal could create a soyoil glut in China.
Malaysian palm oil exports for June 1-20 rose 57% from May 1-20.
Higher output and possible Chinese soyoil oversupply would weigh on palm prices, while the return of India as a buyer could offset some pressure. Strong export growth provides partial support.
beta.malaymail.comJun 22, 2020Not 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.
