Palm oil prices rise amid dwindling inventories in Malaysia

Published 2024년 12월 25일

Tridge summary

Palm oil futures on the Malaysian exchange have experienced a rise due to inventory drawdowns in Indonesia and India, coupled with speculative buying by traders. This comes after a recent sharp drop in prices. Data shows an increase in palm oil production and exports in Indonesia, but a decrease in ending stocks. In India, vegetable oil stocks at ports have seen an increase, indicating a rise in imports of cheap soybean oil. Meanwhile, food oil stocks in Chinese ports have decreased, particularly in palm oil.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Palm oil futures on the Malaysian exchange rose on data showing inventory drawdowns in Indonesia and India and on speculative buying by traders after a sharp drop in prices over the previous two weeks. Crude palm oil prices crossed the lower support line of an uptrend and the base line of a double top price pattern, signaling a shift to bearish momentum, analysts said, signaling a shift to bearish momentum. March palm oil futures on the Bursa Malaysia exchange rose 13 ringgit/t to 4,555 ringgit/t or $1,015/t yesterday. According to GAPKI, in October, palm oil production in Indonesia increased by 9.69% compared to September from 4.415 to 4.843 million tons, exports increased by 19.33% from 2.131 to 2.543 million tons, domestic consumption increased by 4.73% from 1.989 to 2.083 million tons, while ending stocks decreased by 4.61% from 2.623 to 2.502 million tons. According to Saveraaintl estimates, in India, during December 1-15, vegetable oil stocks in ports increased by 9% to 1.05 ...

Source: Graintrade