Malaysian palm oil futures fall to 11-month low on technical selling

In Malaysia, palm oil futures fell to an 11-month low on Tuesday, pressured by lower prices for other vegetable oils as well as some technical selling. Volume was swift with 61% more volumen than the average trading volume. August weather looks very good for production, despite concerns about El Nino impacts coming later in the year that could lead to dry weather and negatively impact production. Poor economic data out of China, the main consumer of palm oil exports, was also seen weighing on prices and helping to compensate any boost that may come from El Nino later on.

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