Malaysian palm oil prices surge on 2nd day of trading, it may rise into 3,690-3,773 Ringgit

게시됨 2023년 3월 29일

Tridge 요약

Palm oil prices in Malaysia have found stability and are expected to surge to a range of 3,690-3,773 ringgit per tonne. This comes after a recent upturn in the market, following a dip to a five-month low last week. The rise is attributed to a increase in exports of Malaysian palm oil, with a notable rise of 11.4% to 19.8% in the first 25 days of March. However, the market may face volatility due to banking turmoil in the US and Europe, potential export restrictions by Indonesia for Ramadan and Eid, mandatory use of more expensive biodiesel in Indonesia which may affect production, and the anticipated impact of El Nino on production in Malaysia and Indonesia.

면책 조항: 위의 요약은 정보 제공 목적으로 Tridge 자체 학습 AI 모델에 의해 생성되었습니다.

원본 콘텐츠

Since it has remained stable around a support level of 3,494 ringgit however, palm oil prices may surge a range of 3,690-3,773 ringgit per tonne. A temporary bottom has formed around the contract, which failed twice to break 3,494 ringgit. After falling to a five-month low of below MYR 3,600 last week, Malaysian palm oil futures rose for a second session on Tuesday to over MYR 3,650 per tonne. According to data compiled by cargo surveyors, exports of Malaysian palm oil production rose between 11.4% and 19.8% month-over-month during the first 25 days of March, supporting the upturn. While Abdul Hameed, director of sales at Manzoor Trading in Pakistan, stated. However, he asserts that mixed fundamentals may cause volatility in the market this week. He points out that the financial market, including commodities, has been impact by the banking turmoil in the United States and Europe, despite the fact that there is increased demand as the Ramadan fasting month begins. In the meantime, ...

출처: UkrAgroConsult