Loading…
Malaysian palm oil futures ended July 2019 with their first monthly gain since January, closing near a seven-week high of about 2,070 ringgit a tonne. Support came from cargo surveyor data showing July exports rose between 1.6% and 5.1% from June.
Analysts also forecast a second-half price recovery.
Stronger export shipments reduce Malaysian stocks and support futures, which points to firmer palm oil prices in the near term.
prestasisawit.mpob.gov.myJul 31, 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.
Futures closed July near a seven-week high on stronger export data and a bullish second-half outlook, a demand and sentiment push that carried momentum into the move ending Aug 1.
July exports rose 1.6-5.1% from June per cargo surveyors, and futures closed at a seven-week high on 31 July, so this directly describes the demand-driven move.
