The price of Malaysian palm oil on November 23 extended the recovery momentum in the context of a strong increase in crude oil
RBD Palm Oil
Malaysia
Published Nov 24, 2022
Original content
Palm oil contract for February delivery on the Bursa Malaysia exchange at the beginning of the session increased 1.2% to 4,052 ringgit/ton, extending the increase of 4.19% compared to the previous two sessions. At the midday break, this futures contract closed at 3,993 ringgit ($873.93) per ton, pressured by growing concerns about Covid-19 restrictions in China amid the outbreak. . The increase in the number of new Covid-19 infections in China caused the Shanghai Mall to abruptly cancel the auto industry event, creating more uncertainty about the reopening plan of the economy. second largest in the world. Palm oil prices extended their rally from a more than one-month low hit last week, while market participants awaited Malaysian palm oil production data. Palm oil prices had previously posted modest gains on the back of rising soybean oil prices and expectations of lower November production in Malaysia, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics. Oil ...
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