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Malaysian palm oil futures rose about 1.7% on Oct 2, 2024, with the December Bursa contract at 4,075 ringgit a metric ton. Firmer crude oil after Iran fired missiles at Israel, stronger Chicago soyoil and a weaker ringgit supported prices.
Higher crude makes palm more attractive as biodiesel feedstock, and a weaker ringgit lowers its cost for foreign buyers, both supporting palm and rival vegetable oil prices.
brecorder.comReutersOct 2, 2024Not 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.
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.
Oct 2 palm rose about 1.7% on firmer crude after Iran's missile attack, stronger soyoil and a weaker ringgit, adding to the weekly rally.
Oct 2 palm gain of about 1.7% was supported by firmer crude after Iran's missile attack, stronger soyoil and a weaker ringgit, which are the demand, substitute-oil and currency channels.
Reports firmer crude on Oct 2 after Iran's missile attack on Israel, which is the geopolitical risk-premium shock behind the start of Brent's 5-day rally.
