Palm oil vendors are rubbing their hands; global prices are rising

게시됨 2022년 3월 2일

Tridge 요약

Record prices for palm and other vegetable oils were reached due to concerns about a Russian military operation in Ukraine and a drop in transportation along the Black Sea, which transports 60% of the world's sunflower oil. This has led to a significant increase in purchases of palm oil to replace sunflower oil, particularly in Asia and Europe. The price increase began last week due to rising tensions between Russia and Ukraine, as well as increased demand for biofuels. The prices of palm, soybean, and rapeseed oil have reached record highs, which could lead to higher prices for coconut oil. Singapore-based palm oil producer and trader Golden Agri-Resources reported a increase in revenue and profit in the second half of 2021 due to rising prices and has a positive outlook for the current year.

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원본 콘텐츠

Prices for palm and other types of vegetable oils reached record levels amid market participants' concerns about a Russian military operation in Ukraine. In addition to hostilities on the territory of Ukraine, the market is negatively affected by a drop in the volume of transportation along the Black Sea, through which 60% of the world's sunflower oil is transported. “Asian and European processors have dramatically increased purchases of palm oil to replace sunflower oil. All this led to a jump in palm oil prices, ”Reuters quotes a Mumbai dealer of one of the major international trading companies. The rise in prices for vegetable oil began last week amid growing tensions between Russia and Ukraine, as well as due to increased demand for biofuels. Already on February 23, three-month futures for the supply of Malaysian palm oil reached $1,433 per ton. Malaysia and Indonesia are the world's largest suppliers of palm oil, accounting for 85% of the total market. “The development of the ...

출처: Oilworld