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Bursa Malaysia crude palm oil futures for October rose 1.25% to 2,028 ringgit per tonne, a third straight daily gain. Traders expect the contract to trade between 1,900 and 1,945 ringgit next week on subdued demand and rising production expected in coming months.
Palm oil is tracking Chicago soyoil as both compete for the same export markets.
Expected production increases and weak demand point to continued pressure on palm prices, which feeds into competing vegetable oil and meal pricing. Soyoil tracking suggests linked moves in the soy complex.
thestar.com.myThe Star OnlineJun 29, 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.
