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After deadly earthquake, international aid is heading to Venezuela
Venezuela is receiving cash, emergency aid and rescuers after two powerful quakes shook areas around the capital Caracas. Thousands of people are still missing. Here is the list of foreign aid: UNITED NATIONS According to U.N.'s humanitarian affairs agency, 25 international?teams with a total of 1,000 personnel have been mobilized. Tom Fletcher, the chief of aid at the United Nations, said that a collective effort will be needed in order to support government-led efforts and assist communities. UNITED STATES The U.S. State Department announced it would mobilize $150 million of aid. The U.S. State Department said it is mobilizing $150 million in aid. Washington will also send a disaster response unit with two urban search and rescue units. The State Department is providing logistical and coordination support, as well as airlift to transport personnel and lifesaving supplies to the affected areas. The U.S. Military is assisting in the transport of supplies and personnel, as well as supporting other relief operations. EL SALVADOR In the early morning hours of Friday, over 150 rescue workers, paramedics and medical supplies arrived in Venezuela as part of 300 rescue workers, 50 tons of supplies and the promise of the Salvadoran President Nayib Bukele. MEXICO Venezuelan interim president Delcy Rodrguez posted video footage of Mexican soldiers arriving with sniffer dogs. Mexico will initially send 250 military rescue personnel. It will also provide five rescue dogs, a drone and?rescue gear and medical supplies. RED CROSS On Friday, the first 17 tons of humanitarian aid will leave the regional humanitarian hub of the International Federation of the Red Cross in Panama and head to Venezuela. Loyce Pace is the Americas Regional Director of the IFRC. She said, "The cargo includes kitchen sets, hygiene kit, mosquito nets and other essentials." Subrahmanyam Jishankar, Indian Minister of Foreign Affairs, said that two air force planes left for Venezuela with a field-hospital and 35 tons worth of medical supplies, relief materials, and medicines. GERMANY On Friday, a 48-member federal German disaster relief team will be deployed to Venezuela to help with rescue and recovery efforts. POPE LEO VIII Vatican media reported that Pope Leo sent EUR100,000.00 ($114,000.00) from the Vatican charity fund to Venezuela as relief for the quake. WORLD CENTRAL?KITCHEN Chef Jose Andres said that his team has begun to distribute meals in Caracas. He said that his Longer Tables Fund would immediately donate $1 million to Venezuela. COLOMBIA Colombia's National unit for disaster?risk management said that it had mobilized a urban search and rescue team of over 60 people, with four dog teams and 12 metric tons of equipment to Venezuela. The mayor announced that nine?firefighters?from the city of Cali would be assisting with search and rescue efforts. ECUADOR On Thursday, Ecuador will send a team of 46 urban search and rescue specialists, two search dogs, and six tons of equipment to Venezuela. PANAMA Panama has announced that it will send a rescue team to Venezuela and is organizing humanitarian assistance. FRANCE France has announced that it will deploy a unit of urban search and rescue to Venezuela, including medical teams and engineers as well as dogs to locate and remove survivors from collapsed building. The Spanish Defense Ministry?said that a military aircraft would be bringing 57 soldiers from its search and rescue unit, as well as 40 firefighters from Madrid to Venezuela. The Spanish development agency is also planning to establish a field clinic in Venezuela. Italian Foreign Minister Antonio Tajani stated that firefighters, the Ministry of Defense and the Air Force were mobilized to offer assistance.
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Rescuers search the rubble of Venezuelan earthquake, thousands are reported missing
Rescuers spent the night on Friday searching for thousands of missing Venezuelans and hundreds trapped under rubble after two of the largest earthquakes to hit Latin America in modern history shook areas around Caracas. The government did not provide a total estimate of casualties from the magnitude 7.2 to 7.5 earthquakes that struck 160 km (100 mi) west of Caracas, on Wednesday. The U.S. Geological Survey predicts more than 10,000 deaths. A website designed to track missing persons and shared by leaders of the opposition in the politically polarized country listed more than 49.600 people who were unaccounted for. The Spanish Foreign Ministry reported that three Spaniards were dead, four others were trapped under the rubble and 99 more were missing. Firefighters, soldiers, and distraught civilians combed through the shattered building as foreign rescue teams arrived. Some used torches and bare hands in areas where there was no power. Yamileth said that her son, aged 19, was stuck under the slabs of the seven-story apartment in La Guaira City on the coast near Caracas. In a country already weakened by decades of economic turmoil and political unrest, which has led to an exodus and destroyed basic infrastructure, thousands of people are now homeless. Barrios are slums on hillside that are made of flimsy materials. "My building has become uninhabitable, and I now have nothing." Suhayl Sarquiz said, "It's only me and my child, and I have no family in this country." Beatriz Rodriguez (60) whose 60-year-old nephew had his legs amputated when he was crushed by the earthquakes said, "It is a tragedy." Another nephew died. SLEEPS ON THE STREETS The government confirmed 250 damaged or destroyed buildings. The French embassy, the Venezuelan Red Cross, and at least eight hospitals were reported as being badly damaged. The?U.N. estimated that 7 million people may be affected. The migration agency, which is supplying emergency housing and other relief supplies. La Guaira was one of the worst-hit areas. It is a coastal state adjacent to Caracas, and it houses the main airport in Venezuela. Volunteers flooded the Caracas-La Guaira Highway with food, water and medicine. "We lost everything," Pedro Perez said, 64, a upholstery shop owner. He said that he lost his business as well as his home, and that he was now sleeping in the streets with his family. "We hope help arrives quickly." Near the epicenter, in Moron, an oceanside town in Carabobo, residents were without water and electricity. Families salvaged mattresses, TVs, and washing machines. Journalists saw members of "colectivos" -- motorcycle groups allied with the government that have been accused for years of harassing supporters of opposition -- helping rescue efforts. Many nations around the globe pledged their support, including some who had?opposed Venezuela in the decades of international isolation and political repression under the Socialist Party. Delcy Rodriguez thanked Donald Trump, the U.S. president, and Vladimir Putin, the Russian president, for their efforts. She took over as interim Venezuelan President when the U.S. captured her former ally, Nicolas Maduro, in January. Washington eased sanctions in order to allow aid for earthquakes that was otherwise prohibited. Donald Trump stated that the U.S. is "ready, willing and capable to help." U.S. Secretary Marco Rubio stated that Washington would send rescue teams, while the Pentagon will assist with logistics and support Caracas airport. HELP ABROAD Rodriguez posted video of Mexican soldiers with sniffer dogs landing at La Guaira's international airport, which was only open to military and state flights. The airports of Maracay, and Valencia received other aid. Tom Fletcher, the U.N. Aid Chief said that the organization coordinated international rescue teams. "A massive collective effort" was needed in a nation where 8,000,000 people?needed humanitarian assistance prior to the earthquake. Ciro Ugarte is the emergency director of Pan American Health Organization (U.N.) and World Health Organization. He said that hospitals are treating a large number of patients with burns and broken bones. SpaceX's Starlink announced that it would provide free service to new and existing customers in affected areas through July 25, and was working on deploying terminals to the worst-hit zones to restore communications. Foreign energy companies reported that their operations in the vital oil sector of OPEC members had not been disrupted and that oil infrastructure was largely unaffected. The Caracas Stock Exchange was closed and turned into a collection centre for aid. The deadliest earthquake in Venezuelan history was in 1967 when 240 people were killed.
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Europe on alert as deadly heat spreads
Health authorities in Europe were on alert as a deadly heatwave swept across the continent on Friday. Alcohol bans were imposed in France and road surfaces cracked open across Germany. Europe was sweltering under a heatwave that broke all records. From Britain to France, Germany, Italy, Austria, and Serbia, Europe was engulfed in a ball of heat. Scientists have said that this heatwave is the worst ever recorded in Europe. The climate there is changing more rapidly than anywhere else. In France and Britain where June records were broken, temperatures are likely past their peak. In Italy, however, temperatures were expected to rise into the weekend. The first 40-degree Celsius readings for the summer will be recorded. In France, temperatures in Paris reached 40.9 C Wednesday. Authorities were prepared for more deaths, even though temperatures were predicted to drop. Cultural landmarks and agriculture have suffered across the continent. Paris police has asked organizers of major events to cancel them, including the Solidays Music Festival. The organizers of the Pride Festival said that they would reschedule. ENGLAND AND NETHERLANDS AT CODE RED According to BZ, extreme?heat on Thursday evening caused the A2 motorway surface in eastern Germany, to buckle and rupture across several lanes, damaging 30 vehicles and causing two minor injuries. The highway was closed. The Met Office in Britain has extended the red heat alert to Friday for an area covering a lot of southern England. This is the first time that such warnings were issued three days consecutively. Many schools were closed due to temperatures of up to 40 C. Temperatures of 36 C are expected in Serbia. Belgrade officials warned residents to stay inside and drink water during the hot hours. In Britain, fans flew off shelves and Asian air conditioner manufacturers reported an increase in European sales. In France, EDF, the power utility owned by the government, has pledged to invest EUR80 million ($90 millions) in cooling systems for schools, kindergartens, and daycare centers. The latest data, published in July 2025 by the International Energy Agency (IEA), an OECD member, shows that household air conditioning ownership in Europe is still relatively low at 20%. 'OMEGA BLOCKS' HEAT BULGE OVER EUROPE According to Climate Monitor, the heatwave that has pushed temperatures up to 18 C higher than their average seasonal temperature is driven by a weather -pattern called an Omega block. This traps a ball of hot, humid air in a region for extended periods. The cooler weather is on the edges. Scientists say the heatwave that broke records would have been "virtually unachievable" without climate change caused by humans. Climate change has increased the likelihood of this week's oppressive night temperatures by 100 times compared to 20 years ago. In their latest analysis, the World Weather Attribution Group of climate scientists stated that "over the?region studied this heatwave was the most severe ever observed." "APOCALYPTIC" FOR HEALTH STAFF The French authorities banned the consumption of alcohol in public on Friday when France was due to play Norway in Boston at the World Cup. French doctors and hospital workers reported an increased number of emergency calls and treatments. Wilfrid Smut, spokesperson of the Association of Emergency Room Doctors of France said that hospitals were not prepared for the heatwave. He said that the impact of mental illness on healthcare workers was enormous. "It's apocalyptic."
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Copper heads have the worst week since march as tech worries spread
Copper fell on Friday, and was 'on track for its steepest week-to-week drop in more than three months. A selloff in technology equities spilled over into the metal. Benchmark 'three-month' copper on the London Metal Exchange was down by 0.3% to $13,236 per metric ton at 0920 GMT. Metal, considered to be a bellwether of global economic health, is on track to end the weekend down 2.6%. This would mark the biggest weekly drop since the week ended March 20. Apple's price increases fueled concerns about the inflationary impact of tech giants' spending. Robert Montefusco, senior broker at Sucden Financial, said that the copper selloff looked "a little overdone". "We are looking for it rebounding again, to chase up to $13,500. But there is no impetus yet to really do it - and that's the problem," he said. "No one is seeing any real physical demand." Copper inventories are tight. Shanghai Futures Exchange Copper stocks LME copper inventories fell by 5.7% to 135,732 tonnes, the lowest level since December. The lowest level since March 18 is 336 475 tons. The cash LME contract traded at a discount of $40 per ton to the forward three-month contract This indicates that there is no shortage of supply in the near future. After a cargo vessel was struck?in Thursday's Strait of Hormuz, aluminium prices rose 0.4% to $3175.50 per ton, raising concerns over the Middle East's?tentative agreement for peace? Metal touched $3,110 Wednesday, its lowest level since February 25, before the U.S. - Iran conflict started. It was headed for a weekly drop of 6.4%, which would be its worst since March. Montefusco added that the cost of producing aluminum should also be falling. Zinc rose 0.1%, nickel 0.4%, and tin 0.1%, while lead remained flat at $1.912. (Reporting and additional reporting by Solomon Cefai, Editing by Rashmi aich and Joyjeet Das.)
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Europe on alert as deadly heat spreads
On Friday, health authorities in Europe were on high alert as a deadly heatwave swept across the continent. Alcohol bans were imposed in France and road surfaces in Germany cracked open. Europe was sweltering under a record breaking 'ball' of heat that swept across the region. Scientists say the heatwave is the worst ever recorded in Europe where climate change is the fastest. In France and Britain where June records were broken, temperatures are likely past their peak. In Italy, however, temperatures were expected to rise into the weekend. The first 40-degree Celsius readings for the summer will be recorded. In France, temperatures reached 40.9 C in Paris on Wednesday. Authorities were prepared for more deaths, even though temperatures were predicted to drop. Over the course of the continent, agricultural production has been affected and cultural landmarks forced to close. Paris police asked organizers of major events to cancel them, including Solidays, the music festival. The organizers of the Pride Festival said that they would reschedule. ENGLAND AND NETHERLANDS AT CODE RED The BZ newspaper reported that extreme heat on Thursday night caused the A2 motorway to buckle, causing it to rupture and damage up to 30 cars. Two people were also injured. The Met Office in Britain has extended the red heat alert to Friday for an area of southern England. This is the first time that such warnings were issued for three consecutive days. Many schools were closed due to temperatures of up to 40 C. Temperatures of 36 C are expected in Serbia. Belgrade officials warned residents to stay inside and drink water during the hot hours. In Britain, fans flew off shelves and Asian air conditioner manufacturers reported an increase in European sales. The state-owned utility EDF in France has pledged to invest EUR80 million ($90 millions) on cooling systems at schools, kindergartens, and daycare centers. The latest data, published in July 2025 by the International Energy Agency (IEA) of the OECD, shows that household air conditioning ownership in Europe is still relatively low at 20%. 'OMEGA BLOCKS' HEAT BULGE OVER EUROPE According to Climate Monitor, the heatwave that has pushed temperatures up as much as 18 C over their average seasonal temperature is driven by a weather system?known as Omega blocks. The hot air is trapped in a ball and lingers over the region for a long time, while cooler temperatures are on its edges. Scientists say the heatwave that broke records would have been "virtually unachievable" without climate change caused by humans. This has led to night temperatures this week being 100 times hotter than they were even 20 years ago. In their latest analysis, the World Weather Attribution Group of climate scientists stated that this heatwave was the worst ever recorded in the area studied. "APOCALYPTIC" FOR HEALTH STAFF The French authorities banned the consumption of alcohol in public on Friday when France was due to face?Norway at the World Cup in Boston. French doctors and hospital workers reported an increase in emergency treatment and calls. Wilfrid Smut, spokesperson of the Association of Emergency Room Doctors of France said that hospitals were not prepared for the heatwave. He said that the impact of mental illness on healthcare workers was enormous. "It's apocalyptic."
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Homes not designed for heat in Paris and London
Ulysse Zackary, a 21-year-old Parisian woman who lives in an attic apartment beneath zinc roofs, has melted soap bars and the pressure inside wine bottles is pushing the corks out. She sleeps with wet towels in order to deal with the record-breaking heatwave. He said that the 9-square metre (97-square foot) apartment became "an oven" within a few sunny hours. This highlights the challenges facing residents in Paris and London, as rising temperatures reveal the shortcomings of homes designed to retain heat rather than reflect it. Western Europe is gripped by a heatwave which has caused power outages, closed schools and tourist attractions and claimed dozens of lives. Paris, which is experiencing a rapid rise in temperatures and extreme weather due to global warming, set a record for June on Wednesday with 40.9 degrees Celsius (105.6 degrees Fahrenheit). On Thursday, Britain recorded its highest June temperature: 36.7 C. (98.06 F). This was in the south west of England. GOVERNMENTS WILL NOT HAVE EASY ANSWERS Governments have few quick fixes to adapting an aging housing stock, especially when budgets are tight. The problems are also complex. The installation of air conditioning is controversial, because the additional energy consumption can contribute to global warming and strain the power grid. Zachary tried to cool off by putting on wet clothes and using his fan, but he found that the best way to do it was to get outside. Even then, though, the heat was unbearable. This is bad for the economy and also on a human level. When you are tired and hot, it makes you miserable. You can't concentrate. Zachary, who is completing an internship in digital advertising, said he had difficulty focusing. The Mayor of London published an analysis this week that found 1,000,000 London homes may be at risk of being overheated, which could have implications for productivity, health and energy consumption. Stefanos Pallantzas is a civil engineering professor and the head of the Hellenic Institute of Passive Building in Athens. He said that Greece is always hot in Europe. About half of homes have cooling systems. However, many houses in Athens do not have modern ventilation systems. Also, the widespread use of air conditioners, which "release waste heat outside", can increase the urban heat islands effect. Stop the heat from getting in Anna Mavrogianni is Professor of Sustainable Healthy and Equitable Built environment at University College London’s Institute for Environmental Design and Engineering. She said that many European homes are still being designed to retain heat during winter. Scientists agree that climate change could also lead to harsher winters. However, extra insulation in the summer to trap heat is not welcome. Mavrogianni called for better ventilation, external shutters, reflective surfaces, urban landscaping, and improved building design in order to keep buildings cool. Reduce the amount of sunlight that enters windows by using external shading, such as roof overhangs or recessed balconies. She said that this was much more efficient than trying to remove heat from the house after it had accumulated. Eleonore Caroit is the French Minister Delegate of Francophonie International Partnerships, and French Nationals Abroad. She said that stressful events such as those in Europe entice people to look for short-term fixes. She said that while it's true that hospitals and some public spaces need air conditioning, having each Parisian buy their own AC wouldn't solve the problem. It would only make it worse. Travel Conundrum The London Week of Activities to Push Forward Climate Change Efforts took place at temperatures that caused train travel to be disrupted and some venues to be too hot to host events. Oliver Horrocks is one of the 27-year-olds who are sweltering inside homes that were built after the Industrial Revolution, when the widespread burning of fossil fuels began. This was blamed on human-induced global warming. Horrocks, a Londoner who lives in a Victorian house with his girlfriend and two other couples, was faced with the decision of whether he should brave hot public transportation to reach an air-conditioned office or if he should work from home. Every decision felt wrong. Horrocks used a fan to cool down his sticky hot kitchen. "I wish I'd gone to work today." He said, "It's been hard." He is of the same opinion as many Britons that other countries are more adapted to extreme climates. He said, "I don't believe that we are set up properly in this country to deal with it. And?that is also reflected in our housing." Spain has a long history of heat. Eugenia del Rio, of the Madrid architects' association, said that Germany, France, and Britain could all learn from Spanish architecture.?Spanish architecture has relied historically on passive cooling, which includes light-coloured façades that reflect solar rays, thick walls to slow heat transfer, small shaded windows and shutters, as well as layouts that encourage cross-ventilation. She said that the best buildings are those that prevent heat from entering the building in the first place. Bouygues Immobilier's chief executive, Emmanuel Desmaizieres said that cities need to have more trees, water features, and shaded buildings in order to be livable during heatwaves. He added that he wouldn't dogmatically exclude air conditioning, which in some cases can be essential. However, he said there were "a variety of options for cooling homes". Zachary, who lives in an attic apartment, has covered his windows with aluminum foil after watching online videos that recommended it as a method to reflect heat. He said, "I don't think I have enough foil so it only covers about a quarter." "Well, I'll probably get more foil later and see if it works." (Reporting and writing by Paul Sandle, Barbara Lewis, and Angeliki Koutantou, in Athens; reporting by Michaela Cabrera in Paris and America Hernandez, in Madrid, and in Madrid, Ilze Filks and Simon Jessop, in London.
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As traders reassess Fed interest rate outlook, gold prices will drop for a fourth consecutive week
The gold price rose on Friday as recent U.S. data on inflation weighed down?on the dollar and caused markets to reduce their rate-hike betting. The bullion price continued to fall for the fourth consecutive week, after falling earlier in the week to a low of more than seven months. As of 0914 GMT, spot gold was up by 0.3% to $4,038.48 per ounce. U.S. Gold Futures for August Delivery? rose 0.2% to $4053.80/oz. Bullion fell below $4,000 on Wednesday, the first time it has done so since November 2025. It is expected to lose about 2.5% per week as the dollar rose on the same date to its highest level in over a year. Analyst Ole Hansen of Saxo Bank said that gold is now trading at $4,000 per ounce for the third session in a row. Investor sentiment has been shaken up by "the recent selloff" as markets adjust to a hawkish Fed and a stronger dollar. The U.S. Dollar held near its recent highs, despite a slight dip. This was after the Fed's preferred measure of inflation on Thursday caused markets to scale back expectations for Fed rate hikes. CME FedWatch shows that the markets still expect three Federal Reserve interest rate increases this year. This is down from 69% prior to the U.S. Personal Consumption Expenditure data. Hansen added that "while the technical breakdown continues weighing on sentiment, continued falls in energy prices and lower?bond yields could eventually reduce the pressure on the Federal Reserve?to tighten policy further, possibly offering?some?support to the precious metal." Crude oil prices are down more than 2%, as concerns about supply ease after more oil tankers that were stranded in the Strait of Hormuz have left. Han Tan, chief market analyst at Bybit, stated that a sustained break below $4,000 would allow bears to test the $3,886 level of support. A bearish "death crossing" could also reinforce downward momentum and leave prices vulnerable in the months ahead. Other metals include?spot gold, which fell 0.01%, to $57.86 an ounce. Platinum gained 0.7%, to $1612.62 and palladium grew nearly 2%, to $1207.96. All metals were heading for a loss. (Reporting from Sumit Saha, Bengaluru. Additional reporting by Swati verma. Editing by Janane Venkatraman.
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Oil and stocks slide as tech fears are stoked by Apple's price hikes
Apple's price increases fueled concerns about?the inflationary effect of tech giants?, and oil prices fell to?their? lowest level in four months, despite the difficulties of reopening Strait of Hormuz. Apple's stock fell 6% Thursday, after the company said that it would no longer protect customers from soaring storage and memory chip costs. A media report that OpenAI might delay its IPO to next year also dampened market sentiment. Oil futures dropped more than 3%, and they were headed for steep losses every week as "more" stranded tanks left the Strait of Hormuz despite a cargo ship being hit in Oman. Saudi Aramco resumed Friday loadings at its Ras Tanura Terminal in the Gulf, after a near-four-month suspension. This is likely to boost supply. European stocks fell by 0.8% while Wall Street futures predicted a fall of 0.5% to 1%. The tech sector led the steep declines in Asia, as MSCI's index for Asian stocks outside Japan fell 3%. South Korea's KOSPI fell as much as 9% in one instance, which triggered a "circuit breaker". Mark Ellis, CIO of Nutshell Assets Management, said that although the short-term effect was inflationary, prices would come down over time due to increased efficiency. Apple's price hikes tempered investor excitement about Micron's blowout earnings report this week. Analysts said that month-end and quarterly-end rebalancing flows could have also contributed to the choppy price movements in big tech shares, which outperformed during much of second quarter. WEAK YEN The yen was hovering near its lowest level against the dollar for 40 years at 161,59. This is beyond the 160 mark that many consider to be a line drawn in the sand by the Japanese authorities. The yen found little relief, even though the U.S. inflation rate met expectations and traders reduced bets on a Federal Reserve interest rate hike in September. Separate data showed that the U.S. economy grew faster in the first quarter than originally estimated thanks to a downward revised imports. However, consumer spending nearly stalled and cast doubt on the growth momentum of the second quarter. The dollar index (which measures the strength of the currency against six major peers) fell 0.3% to 101.2 but was still not far off its highest level since May 2025. Treasury yields fell on Friday. The 2-year yield dropped to 4.0901%, marking the fourth consecutive day of declines. Meanwhile, 10-year yields ended at 4.6951%. Gold was the last precious metal to rise on the day, up 0.2% at $4,034. Reporting by Stella Qiu, Ankur Banerjee and Kevin Buckland; Editing by David Dolan, Alexander Smith and Kevin Buckland
Palm oil prices rise in Indonesia, confirming the B50 timeline and strong Malysian exports
The price of Malaysian palm oi?futures rose Friday after Indonesia confirmed its 'B50' biodiesel program will be implemented next month as planned. This move is?likely? to boost the country?s palm oil consumption. Meanwhile, stronger?export?data for this month also boosted sentiment.
By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery was up 40 Ringgit or 0.88% at 4,597 Ringgit ($1,121.77 per metric ton). The price is down by 1.05% this week.
Anilkumar bagani, research director of Mumbai-based vegetable oil broker Sunvin Group, said: "The 'bullish momentum' in palm oil can be attributed to confirmation of the B50 timetable and relatively stronger Malaysian palm exports so far this month."
He said that the futures opened higher today after gains in Chicago Soyoil Futures overnight on Thursday, and a bullish rebound in?Dalian palm olein Futures during Asian hours. Indonesia issued a regulation to implement the?B50 mandate for biodiesel starting July 1. Retailers have a 3-month transition period to get rid of their current stocks. AmSpec Agri Malaysia reports that exports of Malaysian products containing palm oil rose by 11.1% from June 1 to 25, while Intertek Testing Services reported an increase of 10.6%.
Dalian's palm oil contract has gained 1.22%, while the most active soyoil contract in Dalian rose by 0.81%. Prices of soyoil on the Chicago Board of Trade dropped by 0.73%. Palm oil follows the price movement of other edible oils as it competes for a market share in the global vegetable oil industry.
The price of crude oil fell 2% on the Friday, and was headed for steep weekly losses due to easing concerns about supply. More stranded 'oil tankers' left the Strait of Hormuz despite a cargo ship being hit in Oman.
Palm oil is less attractive as a biodiesel feedstock due to weaker crude?oil prices.
Technical analyst Wang Tao stated that palm oil?FCPOc3 could revisit its high of 4,710 Ringgit per metric tonne on June 23 and fall towards 4,542 ringgit.
(source: Reuters)