Palm oil futures set for biggest weekly decline in six years
Palm oil futures in Malaysia, the global benchmark, were set for biggest weekly drop in six years after investors sold global commodities on concern that an economic slowdown will reduce demand.
By Bloomberg |
KUALA LUMPUR: Palm oil futures in Malaysia, the global benchmark, were set for biggest weekly drop in six years after investors sold global commodities on concern that an economic slowdown will reduce demand.
Palm oil for June delivery rose 20 ringgit, or 0.6 per cent to 3,350 ringgit (1,049 dollars) a metric ton on the Malaysia Derivatives Exchange.
The most-active contract gained for the first time in five days and was set for a 9.2 per cent weekly decline. The commodity has fallen 25 per cent from March 4 record of 4,486 ringgit a ton.
Palm oil is a substitute for soybean oil, crushed from soybeans. The oilseed tumbled in Chicago for the fourth time in five sessions yesterday, partly on speculation overseas buyers such as China may cancel earlier orders after prices fell almost a quarter from a March 3 record.
Palm oil for June delivery rose 20 ringgit, or 0.6 per cent to 3,350 ringgit (1,049 dollars) a metric ton on the Malaysia Derivatives Exchange.
The most-active contract gained for the first time in five days and was set for a 9.2 per cent weekly decline. The commodity has fallen 25 per cent from March 4 record of 4,486 ringgit a ton.
Palm oil is a substitute for soybean oil, crushed from soybeans. The oilseed tumbled in Chicago for the fourth time in five sessions yesterday, partly on speculation overseas buyers such as China may cancel earlier orders after prices fell almost a quarter from a March 3 record.
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