Malaysian palm oil prices hit a 6-week high

Published 2023년 2월 20일

Tridge summary

Palm oil futures on the Malaysian stock exchange experienced a significant increase, rising by 5% in two days and 7.2% in two weeks, reaching a six-week high due to anticipated increased exports from Malaysia and reduced supplies from Indonesia. The decline in the Malaysian ringgit also contributed to the price surge. Meanwhile, soybean oil futures saw gains on the Dalian exchange, driven by expectations of a reduced harvest in Argentina. In contrast, sunflower oil prices in Ukraine are under pressure due to weak demand from European buyers and increased offers from local processors, leading to reduced exports. The rise in palm and soybean oil prices is expected to boost demand for Ukrainian sunflower oil.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Palm oil futures on the Malaysian stock exchange rose 5% on Thursday and Friday and rose 7.2% in two weeks to a six-week high on expectations of a pick-up in exports from Malaysia amid reduced supplies from Indonesia, and due to a decline in the Malaysian ringgit by 2.3% for the week. So, April palm oil futures on Bursa rose 1.5% to 4,131 ringgit/t or $933/t on Friday, reaching 4,170 ringgit/t during trading, the highest level since 01/04/2023 . According to the inspectors of Societe Generale de Surveillance and Intertek Testing Services, from February 1 to 15, Malaysia increased palm oil exports by 6.8-8.9% to 437-484 thousand tons compared to the same period in January. Quotes were supported by gains in soybean oil in Chicago and vegetable oil futures on the exchange in China. This gave optimism to exporters of sunflower oil, whose prices have fallen almost to the level of palm oil prices. Soybean oil futures rose by 2.61% and palm oil futures by 3.49% on the Dalian exchange on ...

Source: Graintrade