Tridge summary
Malaysian palm oil futures fell by 3.02% due to a strengthening ringgit and weakening rival oils. Despite this drop, the contract still showed a one-month gain of 2.53%. The increase in oil prices and expectations that Saudi Arabia will extend production cuts has made palm oil a more attractive option for biodiesel production.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Malaysian palm oil futures tumbled 3.02% on Monday after the ringgit strengthened and rival oils weakened, although the contract recorded a one-month gain. The underlying palm oil contract for October delivery on the Bursa Malaysia derivatives exchange fell 3.02% to RM3,885 ($861.99) a tonne at the closing price, the lowest level in more than a month. The contract showed an increase over the month by 2.53%. "After last week's rally in Russian-Ukrainian news, the market appears to have taken a breather along with the strengthening ringgit," a trader from Kuala Lumpur said, Reuters reported. Dalian's most active soybean oil contract shed 2.12%, while the palm oil contract fell 2.38%. Soybean oil prices on the Chicago Mercantile Exchange lost 2.51%. Malaysian palm oil exports rose 7.8% month-on-month in July, according to AmSpec Agri Malaysia, while surveyor Intertek Testing Services (ITS) showed a 14% increase in July exports. Oil prices hovered near a three-month high on Monday, ...
Source: Oilworld
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