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Palm oil has rallied about 30% from its low, narrowing its discount to soybean oil to the smallest in almost a decade. Indian buyers are expected to shift some purchases to other edible oils this winter.
Higher palm prices are deterring India, the largest buyer, which could cut imports about 15% year on year and dent the rally. Demand destruction is a bearish risk for palm and a relative boost for soybean oil.
theprint.inAtul PrakashDec 2, 2019Not 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.
The 30% rally from the low narrowed palm's discount to soyoil, which confirms strong buying momentum even though it may curb Indian demand.
