Palm Oil Drops to One-Week Low as Brazil’s Soy Harvest Picks Up
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Palm declined to the lowest level in a week on concern that the advancing soybean harvest in Brazil will boost oilseed supplies, depressing demand for the tropical oil. Futures in Dalian fell to the lowest since 2010.
The contract for May delivery lost 0.5 percent to end at 2,399 ringgit ($772) a metric ton on the Malaysia Derivatives Exchange, the lowest most-active price at close since March 6. Futures have lost 29 percent in the past year as supplies outpaced demand.