Malaysia: Rising palm oil prices to a 27-month high is supporting prices for other vegetable oils

게시됨 2024년 10월 24일

Tridge 요약

Palm oil prices have reached a 2-year high due to forecasted production cuts in Malaysia and Indonesia, increased exports, and domestic consumption in Indonesia. The maximum duty rate on crude palm oil exports from Malaysia is being increased to 10%. Meanwhile, soybean and sunflower oil prices have also seen an increase. Indonesia has reduced palm oil exports by 24.8% due to decreased imports by India. In Ukraine, export purchase prices for sunflower oil have risen, but refiners are withholding sales due to falling refining margins and rising sunflower prices. The average price of sunflower oil in India has increased by 6% to $1,228/t.

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원본 콘텐츠

Forecasts of a cut in production caused palm oil prices to rise to a 2-year high, supporting sunflower and soybean oil prices. December palm oil futures on Bursa Malaysia rose another 2.2% yesterday to a 27-month high of 4,486 ringgit/t or $1,032/t (+5.4% from the start of the week) on forecasts of a cut in production in Malaysia and Indonesia, the expected increase in exports in October - November, and the increase in domestic consumption in Indonesia, where from January 1, 2025, the B40 mandate to blend 40% biofuel into fuel is being implemented. Malaysian authorities are increasing to 10% the maximum duty rate on crude palm oil exports worth more than 4,050 ringgit/t from November 1. According to Intertek Testing Services, in September, compared to August, Indonesia reduced palm oil exports by 24.8% from 2.38 million tons to 1.79 million tons due to a 33% decrease in imports of this oil by India to a 6-month low of 527,314 thousand tons. On the exchange in Dalian, the most ...

출처: Graintrade