World palm oil prices today, June 29, fell due to Indonesia increasing export quotas
RBD Palm Oil
Published Jun 30, 2022
Tridge summary
Malaysian palm oil prices fell more than 1% on June 29, ending a two-day rally, driven by expectations of higher output and weaker demand after Indonesia raised export quotas for industrial plants. company.
Original content
Palm oil contract for September delivery on the Bursa Malaysia exchange in early trading fell 68 ringgit, or 1.36%, to 4,921 ringgit ($1,118.92) a tonne. At the mid-day break, this futures contract was at 4,909 ringgit ($1,116.19) per ton. Indonesian palm oil companies will receive larger export quotas under a new plan to adjust regulations on domestic cooking oil sales, as part of the government's efforts to improve the distribution of cooking oil in the country. after the price crisis lasted for many months. Paramalingam Supramaniam, director of Selangor-based brokerage Pelindung Bestari, said the forecast for output was stronger in July 2022, reporting on mill closures due to market conditions. Unfavorable conditions, as well as skyrocketing freight prices are the main causes of volatility in the palm market. The market is watching exports, which may continue to weaken due to lack of demand, rising transport costs and difficulty finding ships. Malaysian demand for palm oil ...
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