World's vegetable oil and sugar market on February 7, 2023

Published 2023년 2월 7일

Tridge summary

The article reports an increase in the price of palm oil contracts for April 2023 delivery on the Bursa Malaysia exchange, alongside a potential review of Indonesia's export quota due to high domestic cooking oil prices. The article also mentions a decrease in raw and white sugar prices on specific exchanges. Additionally, it notes a rise in vegetable oil prices, including soybean and palm oil, due to concerns about demand and supply, with palm oil prices being influenced by relevant oil prices in the global market.

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 April 2023 on the Bursa Malaysia exchange at the beginning of the session increased 82 ringgit, or 2.13%, to 3,933 ringgit ($916.36) per ton. At the mid-day break, this futures contract closed at 3,936 ringgit ($916.41)/ton. In a statement late on Monday (February 6), the Coordinating Ministry of Maritime Affairs and Investment said that Indonesia - the world's top palm oil producer - would review its export quota ratio. palm oil in the context of high domestic cooking oil prices. According to Minister Luhut Pandjaitan, as exporters have accumulated large quotas for outgoing shipments since the end of last year, Indonesia will suspend some existing palm oil export licenses until the end of April 2023. A Reuters survey showed that Malaysia's palm oil inventories at the end of January 2023 are likely to fall 0.66% from December 2022 to a five-month low of 2.18 million tonnes. Paramalingam Supramaniam, director of Selangor-based ...

Source: Vinanet