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Crude palm oil futures on Bursa Malaysia Derivatives closed higher on Friday May 31, with June 2024 up 82 ringgit to 4,069 ringgit per ton and later contracts also rising. Analysts attributed the move to expected positive Malaysian export data for May 1 to 31, driven by demand from China.
Expected export growth and Chinese demand support palm oil prices, tightening available vegetable oil supply for feed use.
investor.idIndah HandayaniJun 1, 2024After 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.
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.
CPO futures closed higher on May 31 on expected strong May export data and Chinese demand, supporting the sharp one-day price rise.
Expected positive May export data driven by Chinese demand pushed Bursa Malaysia futures higher, supporting the rally into the next session.
