Palm Oil Wipes Out 2022 Gains on Exports Boom and Crude’s Slump
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Palm oil wiped out its gains for the year on expectations of surging exports from Indonesia and as a slide in petroleum prices reduces its biofuel appeal.
Futures for September delivery slumped 9.7% to close at 4,498 ringgit ($1,021) a ton, the lowest since December for the most active contract. The tropical oil slipped for a sixth day in the longest losing streak since March. Canola futures also dropped to the lowest since October last year.