World vegetable oil and sugar market on June 8: Palm oil price reversed and dropped
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게시됨 2023년 6월 9일
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Vegetable oil Palm oil contract for delivery in August 2023 on the Bursa Malaysia exchange at the beginning of the session fell 11 ringgit, or 0.33%, to 3,309 ringgit ($717.94) per ton. At the mid-day break, this futures contract closed at 3,298 ringgit ($714.63)/ton. The ringgit fell 0.3% against the dollar, making commodities cheaper for customers holding foreign currencies. Anilkumar Bagani, head of research at Mumbai-based vegetable oil brokerage Sunvin Group, said the market is closely following profit-taking for soybean oil on the Chicago Stock Exchange due to a growing supply of palm oil. strong in both Malaysia and Indonesia. Wet weather in parts of the Midwest is putting pressure on soybean and soybean oil prices. Earlier this week, the Malaysian Palm Oil Association forecast palm oil production in May 2023 to increase by 26.3% compared to the previous month. Investors are waiting for May supply and demand data, which is expected to be released on June 12, to assess ...