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November 2018 crude palm oil futures on Bursa Malaysia rose 0.22% to MYR 2,222 per tonne after a prior-session loss, rebounding as the ringgit weakened against the dollar. Soybean oil on the Chicago Board of Trade had fallen on expectations of a larger US soybean harvest, which had pressured palm oil the previous day.
Palm oil tracks soybean oil and the ringgit, so a weaker ringgit and a modest rebound support palm prices, while larger US soy output is a bearish offset for vegetable oil demand.
cnbcindonesia.comRaditya HanungAug 30, 2018Not enough comparable past events yet for a historical read.
Not 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.
A weakening ringgit to its lowest since November 2017 and a rebound in CPO futures set up the currency-driven momentum carried into Sept 3.
