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Malaysian palm oil futures for January delivery fell 0.9% to 2,462 ringgit per tonne as the ringgit strengthened and traders took profits. The contract had nearly touched a 20-month high earlier in the week on supply shortage fears.
The move is a routine price correction driven mainly by currency and profit-taking, though underlying support from dry weather, lower expected 2020 output, and biofuel demand remains intact. A firmer ringgit makes Malaysian palm oil more expensive for foreign buyers.
thestar.com.myThe Star OnlineNov 1, 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.
