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Malaysian palm oil futures for August delivery fell 2.13% to 4,041 ringgit a tonne, after dropping as much as 5% intraday. Traders expected May stockpiles and output to rise, with a Reuters survey pointing to an eight-month high in end-May stocks.
Market talk of an Indonesian export levy cut also weighed, though authorities said no decision had been made.
Higher expected output and stockpiles add supply pressure, and a possible Indonesian levy cut would lift export flows and could add to downward pressure. Traders are awaiting the MPOB data.
brecorder.comReuters8 juin 2021Après 400 événements politique baissier passés, Huile de palme a varié en médiane de -0,0 % sur 5 séances (49 % de hausses ; moitié centrale de -1,3 % à +1,1 %), et de +0,2 % sur 20.
Variations du benchmark de chaque matière depuis la dernière clôture avant l'événement. Les lectures historiques regroupent les événements passés de même nature ; elles décrivent ce qui s'est passé, pas ce qui arrivera. Ceci n'est pas un conseil en investissement.
On June 8 palm fell on expectations of higher May output and stocks and on talk of an Indonesian levy cut, bearish supply-side factors early in the window.
On June 8 palm fell 2.1% on expectations of higher May output and stocks plus talk of an Indonesian levy cut, adding supply-side pressure within the window.
