Dalian Commodity Exchange News
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Palm oil jumped to the highest level in almost three months on speculation that exports from Indonesia and Malaysia, the top producers, may increase ahead of the Muslim fasting month of Ramadan.
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Soybean imports by China, the biggest buyer, may be lower than official U.S. forecasts, deepening a glut and weighing down prices as global reserves are set to reach a record.
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Palm oil gained for a second day on speculation that exports from Malaysia will climb this month as importers stockpile to meet an increase in demand during the Muslim fasting month of Ramadan.
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Palm oil gained for the first time in three days, paring a weekly loss, on speculation that demand may increase for the vegetable oil as a biofuel feedstock.
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Palm oil fell the most in two weeks after the World Bank lowered its estimate for global growth this year, stoking concern demand for commodities may slow and as the currency weakened in India, the biggest importer.
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A rally in soybean meal futures traded in China, the world’s biggest user of the feed ingredient, may be capped by technical resistance at 3,300 yuan ($538) a metric ton unless the U.S. crop outlook changes, according to Shanghai CIFCO Futures Co.
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Palm oil fell to the lowest in almost two weeks after a survey showed that output in Malaysia, the world’s second-largest producer, climbed for a third straight month in May and exports declined.
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Palm oil fell on speculation that demand may slow from India, the world’s biggest buyer, and as Malaysia’s currency advanced the most in almost a month against the dollar, reducing the appeal of ringgit-denominated futures.
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Palm oil closed near the highest level in seven weeks on speculation that food demand will rebound before the Muslim fasting month of Ramadan.
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Palm oil advanced, posting the first monthly gain in four, on speculation that stockpiles in Malaysia may decline for a fifth month as output drops in the second- largest producer.
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