Business - Market Data
Updated: July 22, 2021

Palm Oil Price Drops On Lower July Exports

By Oluwatosin Ogunjuyigbe
July 22, 2021
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Malaysian palm oil futures dropped on Wednesday as July exports so far and prices on Chicago and Dalian exchanges fell, but losses were limited by a weaker ringgit and supply worries due to a labour shortage.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange fell 54 ringgit, or 1.3%, to 4,097 ringgit ($966.27) a tonne by the midday break.

The ringgit, palm's currency of trade, fell 0.43% against the dollar to its lowest since August 2020, making palm more attractive to holders of foreign currencies.

Dalian's most active soyoil contract fell 0.1%, while its palm oil contract declined 0.8%. Soyoil prices on the Chicago Board of Trade were down 1.1%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.