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Palm oil futures tumble 10% on cheaper soya bean oil, but prices to stay elevated
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Published Mon, Jun 14, 2021 · 09:50 PM
Singapore
CRUDE palm oil (CPO) prices slid as much as 10 per cent on Monday after a sell-off in soya bean oil, a close substitute, over the previous two consecutive days.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 5 per cent or RM124 (S$40.03) on Monday morning, before plumbing even lower. By the mid-day break, the contract was quoted at RM3,300, down 9.9 per cent from Friday's close of RM3,663.
