World vegetable oil and sugar market on March 21, increase again after three consecutive price drops

Published 2023년 3월 21일

Tridge summary

The article reports on the fluctuation in the June 2023 palm oil contract on the Bursa Malaysia exchange, which saw an increase of 0.79% to 3,815 ringgit ($852.7) per ton, but was limited by a stronger ringgit and lower vegetable oil prices on other exchanges. Concerns about the global economy and the anticipated decision of the Federal Reserve to raise interest rates have also impacted the market. Despite this, palm oil prices became more attractive for biodiesel feedstock after they rallied over 1%. Meanwhile, the price of raw sugar for May 2023 on the ICE floor fell by 0.9%, and white sugar prices on the London floor decreased by 0.8%.

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Original content

Vegetable oil Palm oil contract for delivery in June 2023 on the Bursa Malaysia exchange at the beginning of the session increased by 30 ringgit, or 0.79%, to 3,815 ringgit ($852.7) per ton. At the middle of the day, this futures contract closed at 3,826 ringgit ($854.97)/ton. However, a stronger ringgit and weaker vegetable oil prices on the Dalian Exchange and soybean oil on the Chicago Exchange limited the upside. The ringgit rose 0.22% against the dollar, making palm oil more expensive for foreign currency holders. In the first session of the week, this futures price fell to the lowest level of nearly 7 weeks due to concerns about the global economy. The market is waiting for the decision of the Federal Reserve to raise interest rates. Malaysia's palm oil exports in the first 20 days of March 2023 increased by 19.8% - 29.8% compared to the same period a month earlier, according to data from commodity surveyors Intertek Testing Services and the company. Independently ...

Source: Vinanet