World vegetable oil and sugar market on April 25 where palm oil price drops 3% after Eid holiday

Published Apr 25, 2023

Tridge summary

The article reports a decrease in the July 2023 palm oil contract price on the Bursa Malaysia exchange by 3.29% to 3,583 ringgit ($807.71) per ton, following a drop in Malaysia's palm oil exports in the first 25 days of April 2023. Despite this, there is anticipation for an increase in exports to China due to increased cooperation between the two countries. The article also discusses expectations for Indonesia to return to its domestic quota policy and reduce export taxes. In other commodities, the price of white sugar in August 2023 on the London floor increased by 2% to 690.1 USD/ton, driven by high global demand and low supply. Finally, an Indian business delegation is planning to visit Russia from April 24 to 27 to boost India's agricultural exports, including sugar and coffee, to Russia to $5 billion in 2023.

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Original content

Vegetable oil Palm oil contract for delivery in July 2023 on the Bursa Malaysia exchange at the beginning of the session fell 122 ringgit, or 3.29%, to 3,583 ringgit ($807.71) per ton. Commodity surveyors are expected to release Malaysian export data for the first 25 days of April 2023 later in the day. In the first 20 days of April 2023, exports fell 25.8% year-on-month, as reported by independent testing company AmSpec Agri Malaysia last week, and fell only 20.3% according to the report. Report of commodity survey company Intertek Testing Services. The Malaysian Palm Oil Board (MPOB) said that Malaysia's exports of palm oil and palm products to China are expected to increase this year after the two countries stepped up cooperation. Anilkumar Bagani, research director at Mumbai-based vegetable oil brokerage Sunvin Group, said the market is also expecting the leading producer - Indonesia - to revert to its obligation-to-market policy. domestic - requires a percentage of palm ...

Source: Vinanet