World vegetable oil and sugar market on July 25: Raw sugar prices hit a one-month high

Published 2023년 7월 25일

Tridge summary

The October delivery contract for palm oil on the Bursa Malaysia exchange fell in early trading but closed at its highest level since March 10. Profit-taking after yesterday's gains and slower palm oil production in Malaysia are expected to impact trading. In the sugar market, raw sugar prices fell on the ICE floor due to concerns about tight supplies, monsoons in India, and the impact of high temperatures in Europe on sugar beet crops.

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

Original content

Vegetable oil Palm oil contract for October delivery on the Bursa Malaysia exchange in early trading fell 34 ringgit, or 0.82%, to 4,130 ringgit. At noon break, this futures price closed at 4,142 ringgit ($906.94)/ton. The contract rose about 3.2% in the previous session, hitting its highest level since March 10. Fast Markets Palm Oil Analytics' Sathia Varqa said that profit-taking after yesterday's impressive gains could lead to a drop in palm oil trading today. He also added that the slower increase in Malaysian palm oil production in July 2023 was confirmed by the data of the Malaysian Palm Oil Association. According to commodity surveyor AmSpec Agri Malaysia, the country's exports of palm oil products in the first 25 days of July 2023 increased 10.8% month-on-month to 987,414 tonnes. Data from the Indonesian Palm Oil Association shows that the country's palm oil exports (including refined products), reached 2.23 million tons in May 2023, up sharply from 763,000 tons ...

Source: Vinanet