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Malaysian palm oil futures rose for a second session, posting their first monthly gain in three months, with the November contract closing up 38 ringgit at 3,978 ringgit per metric ton. Chicago and Dalian soyoil rose and buyers were active in the cash market.
India is considering higher vegetable oil import taxes, and Indonesia is due to set its September reference price and export levy.
Possible Indian import tax hikes could reduce palm oil demand, a bearish risk, while firm soyoil and cash buying support prices. Indonesian export levy decisions also affect export competitiveness.
brecorder.comReutersAug 31, 2024After 548 past bullish policy events, Palm Oil moved a median +0.4% over 5 sessions (61% higher; middle half -0.7% to +2.1%), and +0.9% over 20.
After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
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.
