World vegetable oil and sugar market on November 2: Palm oil price increased the most in 3 weeks due to strong export data

Published Nov 2, 2023

Tridge summary

Palm oil prices increased on the Bursa Malaysia exchange due to concerns about tensions in the Middle East and the stronger crude oil market. Malaysia's palm oil exports also saw a significant increase in October 2023. The world's largest palm oil producer, Indonesia, will continue its domestic market obligation policy for palm oil until 2024 to stabilize edible oil prices and increase the supply of cheap cooking oil. Sugar prices also rose due to predictions of a decrease in India's sugar output and Thailand's decision to control sugar exports to address domestic price increases.

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

Original content

Vegetable oil Palm oil contract for delivery in January 2024 on the Bursa Malaysia exchange at the beginning of this morning's trading session increased by 10 ringgit, equivalent to 0.2% to 3,697 ringgit (778.64 USD)/ton. At lunch break, this contract was at 3,773 ringgit (794.32 USD)/ton. According to commodity surveyor Intertek Testing Services and independent inspection company AmSpec Agri Malaysia, Malaysia's exports of palm oil products in October 2023 increased from 6.6% - 8.9% over the month. September 2023. Oil prices increased due to concerns about tensions in the Middle East. Stronger crude makes palm oil a more attractive option for biodiesel feedstock. The Malaysian ringgit increased 0.4% against the USD to 4,754. This is the best trading level since July 31. The ringgit's recovery makes palm oil more expensive for foreign buyers. On the Dalian Commodity Exchange, soybean oil prices increased 1.5% and palm oil prices increased 1.6%. On the Chicago floor, soybean ...

Source: Vinanet