Vegetable oil and sugar market in Vietnam on November 17: Palm oil prices continue to weaken

Published 2023년 11월 17일

Tridge summary

In the morning trading session, palm oil prices on the Bursa Malaysia exchange decreased by 2.03% to 3,917 ringgit ($836.61 USD) per ton, but rebounded slightly to 3,941 ringgit ($841.73 USD) per ton by lunch break. Palm oil prices are influenced by global vegetable oil market competition and recent declines in Malaysian and Chicago soybean oil prices. Malaysia's palm oil exports to China, its largest trading partner, reached $3.72 billion in 2022, and Malaysia anticipates increased exports to China this year.

On the other hand, sugar futures on the ICE and London exchanges had mixed performances. Raw sugar futures for March 2024 increased by 0.1% to 27.19 US cents per pound, while white sugar futures for December 2023 decreased by 0.1% to 733.7 USD per ton. The Brazilian Sugarcane Association reported a significant increase in sugar output and crushing in the South Central region of Brazil compared to the same period last year, exceeding market expectations. Ethanol production also exceeded forecasts, reaching 1.77 billion liters in two weeks.

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

Original content

Vegetable oil Palm oil contract delivered in February 2024 on the Bursa Malaysia exchange at the beginning of this morning's trading session decreased by 81 ringgit, equivalent to 2.03%, to 3,917 ringgit (836.61 USD)/ton. At lunch break, this contract was at 3,941 ringgit (841.73 USD)/ton. Year to date, palm oil prices have increased 3.66% during the week. On the Dalian Commodity Exchange, soybean oil prices fell 2.17% and palm oil prices fell 2.13%. On the Chicago stock exchange, soybean oil prices decreased 0.41%. Palm oil prices are influenced by relevant oil prices as they compete for market share in the global vegetable oil market. Indonesia plans to set the reference price of crude palm oil at 750.54 USD/ton in the second half of November 2023, up from 748.93 USD/ton in the first half of November. Palm oil prices in the European vegetable market reversed to decline after Malaysian palm oil prices and Chicago soybean oil prices weakened. Palm oil offering price ranges ...

Source: Vinanet