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Analysts said palm oil prices should improve next year as output growth slows and China shifts some vegetable oil demand to palm because of its trade dispute with the US. Malaysian futures fell to 2,108 ringgit a tonne, their lowest in over three years.
Analyst Thomas Mielke expects palm and soy oil to rise $50-100 a tonne over nine months.
Demand switching from soyoil to palm and slowing supply growth support palm and soy oil prices. The main downside risk is a resolution of the US-China dispute, which would reduce that substitution demand.
business-standard.comReutersNov 2, 2018After 133 past bullish trade events, Palm Oil moved a median +0.7% over 5 sessions (64% higher; middle half -0.8% to +2.3%), and +1.7% over 20.
After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% 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.
