Global trading platform TridgeGlobal trading platform TridgeGlobal trading platform Tridge
Our Services
Maximize your business opportunity with our Intelligence & Data Solution. Get started now.

News & Insights

Local News

Palm oil closes near 3-wk high on production concerns after Malaysia floods

Updated Jan 31, 2023
Malaysian palm oil futures on Monday closed at their highest in nearly three weeks on concerns over output, following flooding in the world’s second largest producer. The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange gained 28, or 0.72%, to 3,930 ringgit ($926.45) a tonne. The contract rose for a third straight session to close at its highest since Jan. 10.
Farmers in Malaysia’s southern state of Johor are worried that stagnant flood waters would affect their palm oil yields, after heavy rains last week displaced thousands of people in several palm oil producing states, according to state news agency Bernama. Chinese markets opening sharply higher after the Lunar New Year holidays and talks about Indonesia further reducing its domestic palm oil sales ratio also supported prices, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group. Dalian’s most-active soyoil contract DBYcv1 rose 1.5%, while its palm oil contract DCPcv1 gained 1.8%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 1.4%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Oil fell, giving up earlier gains, as looming interest rate hikes by major central banks ...
Everything you love about a trade show, made 24/7
Sponsored by

Recommended exhibitors for you

By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.