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Malaysian palm oil futures fell more than 3% on Friday and were set for a weekly drop, weighed down by sharp losses in rival oils. Analysts expected Malaysian end-October stocks to rise about 3.5% month-on-month to 1.81 million tonnes on lower exports.
Dalian soyoil and palm oil contracts also declined.
Higher expected inventories and weaker soyoil reduce near-term demand pressure on the vegetable oil complex, pointing to lower palm and soyoil prices.
mettisglobal.newsMG NewsNov 5, 2021Not 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.
Same-day report attributes the over 3% drop to expected rise in Malaysian end-October stocks on weaker exports and sharp losses in rival soyoil and palm contracts, which directly explains the move.
Reports a >3% palm futures drop on higher expected Malaysian end-October stocks and weaker rival oils, matching the size and mechanism of the move, though dated Nov 5, one day after the window ends.
