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Palm oil closed at its highest level since late July on concerns that dry weather and aging trees will hurt Indonesian output. Industry groups forecast production flat to 5% lower year on year, after earlier predicting a rise.
Soybean oil prices also provided support.
Lower Indonesian output, the world's largest palm producer, tightens global vegetable oil supply and supports prices. Stronger soybean oil adds further support as a substitute.
delinua.comraid2 sep 2024Na 181 eerdere opwaarts weer-gebeurtenissen bewoog Palmolie zich mediaan +0,5% over 5 sessies (56% hoger; middelste helft -0,9% tot +1,9%), en +0,3% over 20.
Na 184 eerdere opwaarts weer-gebeurtenissen bewoog Sojaolie zich mediaan +0,3% over 5 sessies (53% hoger; middelste helft -1,9% tot +2,4%), en -0,5% over 20.
Bewegingen van de benchmark van elke grondstof sinds de laatste slotkoers vóór de gebeurtenis. Historische waarden bundelen eerdere gebeurtenissen van hetzelfde soort; ze beschrijven wat er gebeurde, niet wat zal gebeuren. Geen beleggingsadvies.
On 2024-09-02 palm closed at its highest since late July on dry weather and aging-tree concerns, with output forecast flat to 5% lower and soyoil support, directly explaining the jump.
Concerns that dry weather and aging trees will cut Indonesian output (flat to 5% lower) pushed palm to a multi-week high, a direct supply-side driver heading into the move.
