Palm Oil Rally Halted as Crude Prices Crash Below $70

The palm oil market has hit a wall after crude oil prices plummeted below $70 per barrel, eroding one of the key drivers of its recent rally.

Despite still being up 13.4% year-over-year, stronger Ringgit and weaker edible oils have added to the pressure on palm oil traders.

The market's near-term trajectory has been sharply reversed as crude oil's decline has reshaped expectations across the commodity complex.