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Malaysian palm oil recovered earlier losses and rose to its highest since February on a weaker ringgit, gains in US soyoil and Malaysian and Indonesian biofuel consumption plans. The January contract closed up 1.4% at 2,317 ringgit per tonne.
Earlier in the session prices had dipped after India's solvent extractors called on members to stop buying Malaysian palm oil.
A weaker ringgit makes palm cheaper for foreign buyers and biofuel demand supports consumption, which tends to firm prices. The India boycott call is a risk that could cap gains.
thestar.com.myThe Star OnlineOct 22, 2019Not 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.
