Unprecedented price surge in palm oil from Malaysia and Indonesia

게시됨 2024년 12월 4일

Tridge 요약

Palm oil prices have reached a 29-month high on the Kuala Lumpur Stock Exchange due to adverse weather in Malaysia and Indonesia, currency depreciation, and increased use in Indonesian biodiesel. Heavy rains have affected harvests in these countries, which produce over 80% of the world's palm oil. The weaker Malaysian ringgit and Indonesian rupiah have also contributed to the price surge. Indonesia's plan to increase palm oil incorporation in biodiesel to 40% by 2025 is further reducing availability for other uses, impacting prices of other oils like sunflower and rapeseed. In contrast, US soybean oil prices have fallen due to a good harvest, while cereal markets remain stable despite climate concerns and Russia's wheat export quota announcement.

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원본 콘텐츠

The price of this oil reached its highest level in 29 months on Tuesday, at 5,390 ringgits per tonne (around $1,200) on the Kuala Lumpur Stock Exchange (Malaysia), the main trading place for this asset. "This is the first time that we have seen American soybean oil cheaper than palm oil from Southeast Asia. It is unprecedented," Antoine de Gasquet, president of the oil brokerage firm Baillon-Intercor, told AFP. Several factors explain the sudden rise in the price of this oil, which has long remained the cheapest on the market, compared to oils extracted from soybeans, rapeseed or sunflower seeds. Malaysia, which together with Indonesia accounts for more than 80% of the world's palm oil production (around 80 million tonnes per year), has been hit by torrential rains in recent days. Rains also hit the island of Sumatra, which accounts for nearly half of Indonesia's palm oil production. "Weather warnings are increasing, which is typical of early December with the La Niña weather ...

출처: TerreNet