Palm Falls Below 4,000 Ringgit for First Time in Three Weeks
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Palm oil fell below 4,000 ringgit a ton, touching its lowest level in three weeks, as it tracked weakness in soybean oil and faced pressure from dull exports out of Malaysia. Soybean oil, palm’s closest rival in fuel and food markets, closed 1.2% lower on Monday after declining for three days. Prices of the oilseed also fell as much as 0.9% overnight and touched the lowest Bloomberg Terminalin more than six weeks, as traders continue to watch whether China will meet a target of buying 12 million tons of US crop by year’s end.