27.
08.18
06:28

Strong ringgit continues to put palm oil prices under pressure

The palm oil futures at Bursa Malaysia are sinking to a 10-day low this morning. The weakness of other financial derivatives on vegetable oils sets the direction. In addition, the ringgit exchange rate against the US dollar has again increased by 0.2%. If you pay in US dollars, you will receive less palm oil in Ringgit for your money.
The most-traded November 18 date records palm oil for lunch there at 2,213 ringgit / ton, ie 0.3% weaker than on Friday afternoon. Today, all maturities have so far traded 8,936 lots a'15 tons.
The current weakness of palm oil prices on the Chinese derivatives exchange in Dalian and the strength of ringgit keep palm oil futures under pressure.
In addition, an industry event will be held next Wednesday in Malaysia, where analysts will explain the market situation and forecast prices. A Reuters market analyst has already identified 2,192 ringgit as the next resistance in its chart analysis, after falling below the previous stop line of 2,224 ringgit.
On the CBoT, the price of soya oil futures drops by 0.4% per hour. The price of China's Dalian is down 1.1%.Palm oil futures fall there to 1.4%.

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