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Malaysian palm oil futures rose for a fourth straight session, gaining 1.72% to 2,778 ringgit per tonne by midday. Dalian palm and Chicago soyoil also firmed.
Cargo surveyors reported July exports up 5.8-6.8% month on month, and EU and British palm oil imports for 2020/21 fell 25%.
Price moves are following related oils while the market awaits Malaysian output data. Lower European imports offset some export strength, so the net price effect is modest.
brecorder.comReutersAug 4, 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.
It describes the continued rally with strong July export data and gains in rival oils, though it is dated 2020-08-04, after the move window, so it mostly confirms the same drivers.
