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Malaysian palm oil futures reversed earlier gains to close 1.1% lower at 2,010 ringgit a tonne on Friday. The decline was driven by bearish production outlooks and marked the sixth straight session of losses and the biggest weekly drop since early November.
Expectations of higher output increase near-term palm supply, which tends to weigh on palm oil and related vegetable oil prices. The effect on feed-grade protein and fat costs is modest.
thestar.com.myThe Star OnlineMay 3, 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.
May 3 close down 1.1% marked a sixth straight loss and the biggest weekly drop since November, directly capturing the move on bearish production outlook.
A further 1.1% fall on bearish production outlook extended the losing streak and produced the biggest weekly drop since November.
