Quotations for Malaysian palm oil rose by 7% against the background of the easing of quarantine in China

After a long Christmas weekend, palm oil futures in Malaysia rose 7% to a three-week high yesterday amid a decision by China (a major oil importer) to ease border controls for travelers. So far, the market is ignoring the data on the sharp increase in the number of cases of covid and the heavy burden on the Chinese medical system. Starting Jan. 8, China will no longer require travelers arriving in the country to undergo quarantine, a major step toward reopening borders that have been blocked since 2020. On the news, February palm oil futures on Malaysia's Bursa rose 7% to RM4,100/t, or $927/t, the biggest intraday gain in 3 months. At the same time, soybean oil futures rose by 4.4% and palm oil futures by 5.1% on the Dalian exchange. According to surveyor Intertek Testing Services, in the period December 1-25, compared to the same period in November, Malaysia reduced palm oil exports by 0.8% to 1.26 million tons. In particular, deliveries to the EU decreased from 323.3 to 311.4 ...