World vegetable oil and sugar market on August 8: Palm oil prices hit a 6-week low

Published 2023년 8월 8일

Tridge summary

On the Bursa Malaysia exchange, palm oil prices for October 2023 delivery fell to a two-month low due to expected lower exports and slightly increased inventories. The decline in prices was also influenced by falling soybean and palm oil prices on other global exchanges. Additionally, the weakening ringgit made palm oil cheaper for foreign buyers. In the sugar market, raw sugar prices on the ICE floor regained momentum after reaching a two-month low, while white sugar prices on the London floor decreased due to a weak market and predictions of a global sugar shortage caused by poor production outlooks in Brazil.

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 October 2023 on the Bursa Malaysia exchange at the beginning of the session fell 33 ringgit, or 0.87%, to 3,739 ringgit ($817.98) per tonne. At noon, this contract closed at 3,735 ringgit ($816.75) per ton, the lowest level since June 28. Sandeep Singh, Director of The Farm Trade, a trading and consulting firm based in Kuala Lumpur, said palm oil exports are expected to be lower in August 2023 while inventories will increase slightly in the coming months. next. On the Chicago Mercantile Exchange, soybean oil prices fell 2.7%. On the Dalian Exchange, soybean oil prices fell 1.6 percent and palm oil prices fell 2.4 percent. Palm oil prices are influenced by relevant oil prices when competing for share in the global vegetable oil market. Oil prices rose at the start of the session as supply concerns arising from production cuts by Saudi Arabia, the world's top oil exporter, and Russia added to the supply shortage. Rising oil prices ...

Source: Vinanet