Palm oil retreated after seven days of gains, driven lower by a stronger Malaysian currency, making tropical oil more expensive for overseas buyers. Futures of palm oil climbed more than 10% during the seven-day surge, boosted by expectations of higher demand as supplies tightened. Some market watchers say the rally may have gone too far. “Palm
oil prices have gone too high, too fast,” an analyst. The world’s most popular vegetable oil is no longer the cheapest, on expectations of shrinking output in the biggest producing
nations and bountiful supplies of the main alternative, soybean oil. (Source: Bloomberg)
