World: Palm oil prices shaped amid El Niño weather event

Published 2023년 7월 18일

Tridge summary

Palm oil prices have increased due to concerns over Indonesia's export restrictions and the potential impact of El Niño. The United Nations has warned that there is a high chance that El Niño will continue until the end of 2023, which could lead to droughts and fires in major palm oil producing countries. Despite these challenges, the demand for palm oil is growing, and the market is expected to continue to rise in the coming years, potentially leading to further price increases.

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

Original content

Palm oil prices rose this month as investors focused on Indonesia's export restrictions and El Niño trends. On Monday, Malaysian palm oil traded at MYR3,902, higher than the yearly low of MYR3,200. However, the price remains well below its high during the pandemic. El Niño Concerns Palm oil is one of the most important commodities in the world today. It is widely used in the production of edible oils, soaps and other products. Most of the world's palm oil comes from countries such as Indonesia, Malaysia, the Netherlands, Guatemala and Papua New Guinea, among others. Its largest importers are countries such as India, China and Pakistan. Palm oil prices have crept higher as investors react to the lingering El Niño threat. Earlier this month, the United Nations warned that El Niño was coming. In its report, the World Meteorological Organization (WMO) warned that there is more than a 90% chance that El Niño will continue until the end of 2023. The US authorities expect that the ...

Source: Oilworld