Palm Oil Swings on Biofuel Demand Outlook and Output Concerns

Bloomberg09-11

(Bloomberg) -- Palm oil fluctuated on its poor production outlook and concerns about the tropical oil’s biofuel appeal following recent declines in petroleum prices. Crude oil dropped 3.7% in the ...

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The commodity, which has slipped in nine out of 12 sessions, traded below $70 a barrel for the first time in more than two years on concerns about global demand.Palm oil is reacting to moves in crude oil, said David Ng, a senior trader at IcebergX Sdn. Still, concerns about the pace of production in Malaysia are likely to support the market, he said.Output in the world’s second-biggest grower rose less than 3% in August from a month earlier, the Malaysian Palm Oil Board’s data showed Tuesday. That compared with a surge of 14% in July.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BSMAF":"Bursa Malaysia Bhd","BK4112":"金融交易所和数据"},"translate_title":"棕榈油因生物燃料需求前景和产量担忧而波动","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BSMAF":0.9},"content_text":"(Bloomberg) -- Palm oil fluctuated on its poor production outlook and concerns about the tropical oil’s biofuel appeal following recent declines in petroleum prices.\nCrude oil dropped 3.7% in the previous session, before partially recovering on Wednesday. The commodity, which has slipped in nine out of 12 sessions, traded below $70 a barrel for the first time in more than two years on concerns about global demand. \nPalm oil is reacting to moves in crude oil, said David Ng, a senior trader at IcebergX Sdn. Still, concerns about the pace of production in Malaysia are likely to support the market, he said. \nOutput in the world’s second-biggest grower rose less than 3% in August from a month earlier, the Malaysian Palm Oil Board’s data showed Tuesday. That compared with a surge of 14% in July.   \n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2466900473"}