Malaysia palm oil spot price fell on August 5
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Last Update: 2002-08-07
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Source: Internet
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Author: User
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Introduction: on Monday, August 5, Malaysia's palm oil spot price also fell under the influence of the collapse of the futures market Rainfall in the soybean producing areas of India and the United States caused importers to stop entering the market for purchasing In addition, today's collapse of CBOT's electronic disk in Asia also put greater pressure on the futures market The gn7 market generally believes that palm oil prices will continue to fall in the next few days, so speculators are looking for opportunities to close their positions in the market Since the palm oil price rebounded last month supported by the adverse weather in the oilseed producing areas, speculators have established a large number of long positions in the futures market The meteorological department predicted that in the next few days, there would be rainfall in the soybean producing areas of the United States and India, and speculators began to look for opportunities to eliminate their long positions, So this is also the pressure of the futures market in recent days Gn7 as of 5:15 p.m today, the benchmark October contract closed at 1460 ringgit / ton (US $1 = 3.8 ringgit), down 33 ringgit / ton from Friday's close Gn7
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