Malaysian palm oil tracks rival oils lower, posts third weekly drop

Published Jun 22, 2024

Tridge summary

Malaysian palm oil futures experienced a third consecutive weekly drop, with the benchmark contract for September delivery falling 1.52% to 3,899 ringgit ($827.81) a metric ton, due to weakness in other vegetable oils. Market participants are now awaiting production estimates for the June 1-20 period to assess end-month inventory. Meanwhile, exports of Malaysian palm oil products saw a decrease of 8.1% to 12.9% from May 1-20, according to independent inspection companies AmSpec Agri Malaysia and Intertek Testing Services.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Malaysian palm oil futures posted a third consecutive weekly drop as the market retreated on Friday after two sessions of gains, tracking weakness in rival vegetable oils. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange dropped 60 ringgit, or 1.52%, to 3,899 ringgit ($827.81) a metric ton at closing. The contract was down 1.19% for the week. “Crude palm oil futures traded lower on weekend profit-taking after posting two consecutive days of gains. Losses in related vegetable oil futures on the Dalian exchange were also weighing down on CPO futures,” said Sathia Varqa, senior analyst with Fastmarkets Palm Oil Analytics. Market participants are now waiting for production estimates for the June 1-20 period to assess end-month inventory, he added. Exports of Malaysian palm oil products for June 1-20 fell between 8.1% and 12.9% from May 1-20, independent inspection company AmSpec Agri Malaysia and Intertek Testing Services said, better ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.