Malaysian palm oil futures hit 6-month low

Prices for October futures contracts for palm oil in Malaysia on the local Bursa Malaysia exchange fell by 3,788 ringgit ($857.01), which became a six-month anti-record. Commodity Board writes about this. This drop followed a decline of 0.63 percent observed a week earlier. On the Chinese Dalian Exchange, the most active contract for the product became cheaper by 0.23 percent. One of the reasons was the strengthening of the Malaysian currency by $1.67 against the US dollar, which made the palm tree more attractive to importers. The second is the fall in crude oil prices. In particular, futures for this Brent product decreased by 1.9 percent or to $75.35 per barrel. Let us remember that palm oil is an alternative to oil for the production of biofuels. The situation was also affected by the collapse in stock markets due to concerns about a possible deterioration in the US economy. At the same time, the fall in quotations was partly offset by reports of increased political tension in ...