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The ringgit opened slightly lower against the US dollar on concerns over a COVID-19 vaccine and US threats to cut WHO funding. Indian buyers resumed purchases of Malaysian palm oil after a four-month pause, spurred by lower domestic stocks and discounted prices.
The ringgit weakened against the yen, euro and sterling.
Resumed Indian palm oil buying after a four-month gap supports palm oil demand and prices, a bullish signal for vegetable oil feed inputs.
nst.com.myBernamaMay 20, 2020After 133 past bullish trade events, Palm Oil moved a median +0.7% over 5 sessions (64% higher; middle half -0.8% to +2.3%), and +1.7% over 20.
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.
