Palm oil prices were down 4.1% for the week. "Palm is down, tracking the sharp drops in overnight CBOT and crude oil prices," said a Kuala Lumpur-based trader, referring to U.S. soyoil on the Chicago Board of Trade. Crude oil plunged 4%-5% on Thursday, as trade tensions between the United States and China dampened the demand outlook. Meanwhile, the September soyoil contract on the Dalian Commodity Exchange was down 0.5% and the Dalian September palm oil contract fell 0.6%. Palm oil prices are affected by movements in soyoil, with which it competes for global market share.

Source: The Edge Markets May 24, 2019 16:30 UTC