Palm oil continues to fall in price, putting pressure on soybean and sunflower oil prices globally
Refined Sunflower Oil
RBD Palm Oil
Published Sep 28, 2022
Tridge summary
Palm oil continues to fall in price amid lower oil prices, which puts upward pressure on soybean and sunflower oil prices and boosts demand.
Original content
Global markets are expecting an economic recession and a fall in demand for goods, so investors are shifting funds to safer assets such as the dollar and US bonds. November Brent oil futures fell to an 8-month low of $84/barrel yesterday, losing 9.5% for the week and 22% for the month. Amid falling oil prices, November palm oil futures on Bursa Malaysia fell to 3,541 ringgit/t or $770/t yesterday, down 12% from two weeks ago. An increase in exports in September did not support the quotation, and by the end of the year, analysts estimate that they could fall by more than 30% on the back of strong supply and weak demand. In Malaysia, palm oil prices are expected to fall to 2,500 ringgit/t or $547.29/t by the end of December due to increased production, falling demand and a slowdown in the economies of buyer countries. According to the survey company Intertek Testing Services, during September 1-25, Malaysia increased its palm oil exports compared to the same period in August by ...
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