Vegetable oil market in Vietnam, January 4: Palm oil prices recovered thanks to strong demand from India

Published 2024년 1월 4일

Tridge summary

Palm oil prices on Bursa Malaysia increased by 0.6% during the morning trading session to 3,644 ringgit/ton. Soybean oil and palm oil prices on the Dalian exchange both decreased by 0.2%, while soybean oil prices on the Chicago stock exchange also decreased by 0.2%. India's palm oil imports rose to a four-month high in December 2023, making palm oil more competitive in the global vegetable oil market.

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

Original content

Palm oil contract for delivery in March 2024 on Bursa Malaysia at the beginning of this morning's trading session increased by 21 ringgit, equivalent to 0.6%, to 3,644 ringgit (785.34 USD)/ton. On the Dalian exchange, soybean oil and palm oil prices both decreased by 0.2%. Soybean oil prices on the Chicago stock exchange also decreased 0.2%. Palm oil prices are influenced by relevant oil prices as they compete for market share in the global vegetable oil market. India's palm oil imports in December 2023 rose to a four-month high as purchases of refined palm oil increased as prices became competitive. Oil prices extended last session's gains on supply concerns in the Middle East following disruptions at ...

Source: Vinanet