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Malaysian palm oil futures hit a five-month high on Sept 27, 2024, with the December contract up 2.7% to 4,152 ringgit a ton. Strong Indian demand ahead of the festive season and production concerns in Malaysia and Indonesia drove the rally, and the contract was up 11% over seven sessions.
Robust Indian restocking and tightening palm output expectations support prices, and a weather-driven production peak in October could extend the rally.
brecorder.comReutersSep 27, 2024Not 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.
The rally to a five-month high on Indian festive demand and Malaysian and Indonesian production concerns set the bullish backdrop going into the window.
