The global vegetable oil and sugar market on December 5, 2023: Raw sugar prices recovered from the lowest level in 3.5 months

Published 2023년 12월 5일

Tridge summary

Palm oil prices on the Bursa Malaysia exchange decreased due to a decline in output and increased exports in Malaysia. India's palm oil imports also increased as the price of palm oil fell compared to other vegetable oils. Raw sugar futures prices on the ICE exchange recovered from a low point due to increased supply from Brazil, and the US government reallocated low-tariff quotas to sugar-producing countries. Brazil received the largest amount of reallocation.

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

Original content

Vegetable oil Palm oil contract for delivery in February 2024 on the Bursa Malaysia exchange at the beginning of this morning's trading session decreased by 12 ringgit, equivalent to 0.31%, to 3,812 ringgit (817.5 USD)/ton. At lunch break, this contract was at 3,799 ringgit (815.06 USD)/ton. A Reuters survey showed that Malaysia's palm oil inventory at the end of November 2023 decreased for the first month since April, due to an expected seasonal decline in output, while exports continued to increase. Palm oil in the European vegetable market weakened after Malaysian palm oil futures prices fell. Palm oil offering price is in the range of 2.5 USD/ton - 12.5 USD/ton. India's palm oil imports in November 2023 increased by more than a fifth from the previous month, as the price of the tropical oil fell sharply compared to competing vegetable oils such as soybean oil and sunflower oil. According to commodity surveyors Intertek testing Services and AmSpec Agri Malaysia, exports of ...

Source: Vinanet