MARKET DEVELOPMENT
Palm oil slips as higher output, Black Sea deal extension weigh
Palm oil slips as higher output, Black Sea deal extension weigh
18.05.2023 (Business Recorder) - KUALA LUMPUR: Malaysian palm oil futures dropped on Thursday for a fourth consecutive session, as hopes of higher production and an extension of the Black Sea export deal raised the prospects of improved global supply.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange slid 17 ringgit, or 0.5%, to 3,417 ringgit ($770.46) a tonne during early trade, hovering near a two-week low hit in the previous session.