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Palm oil futures facing biggest drop in 16 months - Printable Version

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Palm oil futures facing biggest drop in 16 months - superadmin - 06-14-2021

[Image: FMT-KELAPA-SAWIT-ESTATE-SALAK-SENDAYAN-170419-10.jpg]

PETALING JAYA: Malaysian palm oil futures are on track for their biggest drop in more than 16 months after they fell nearly 10% in morning trading today.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell RM363, or 9.9%, to RM3,300 a tonne by the midday break, extending losses into a sixth session and hitting its lowest since Feb 4.

Last week, palm oil posted its first weekly drop in three weeks, falling 11.3% on worries over tepid June exports and forecasts of higher stocks and output.

ā€œCrude palm oil futures on the Bursa Malaysia Derivatives Exchange are trading sharply lower following bearish momentum in CBOT (Chicago Board of Trade) soy oil futures,ā€ Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group, told Reuters.


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