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Malaysian palm oil futures for October delivery rose 3.06% to RM2,759 per tonne on Bursa Malaysia, their third straight daily gain. The rally tracked higher Dalian palm oil and soyoil, and Malaysia's July palm oil exports rose 5.8% from June per Intertek.
The contract had gained 16.5% in July.
Palm oil competes with soyoil and other vegetable oils, so gains in rival oils and firmer export flows lift palm prices. Stronger vegetable oil values also support meal and feed-fat costs for buyers.
focusmalaysia.myFocusMAug 3, 2020Not 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.
Directly describes the 3 August palm oil rally on Bursa Malaysia, driven by stronger Dalian palm and soyoil and a 5.8% rise in July exports, which is the demand and rival-oil channel behind the large one-day move.
On 2020-08-03 Malaysian palm futures jumped about 3% on firmer Dalian palm and soyoil and better July exports, which is the demand and spillover mechanism behind the large one-day gain.
