Vegetable oil The contract of palm oil for delivery in May 2023 on the Bursa Malaysia exchange opened up 42 ringgit, or 1.01%, to 4,184 ringgit (US$933.1) per tonne. At the mid-day break, this futures contract closed at 4,177 ringgit ($931.53)/ton. Sandeep Singh, Director of The Farm Trade, a consulting and trading firm based in Kuala Lumpur, said that major markets such as India and China may need to replenish their cooking oil stocks in the coming months. , as adverse weather in India will add to concerns about domestic cooking oil production. The upcoming Bursa Malaysia Palm Oil Conference will keep palm oil prices volatile, as the market awaits forecasts from top analysts. Oil prices rose for a second straight session as reports of production expansion in China boosted the global fuel demand outlook. Rising oil prices make palm a more attractive alternative to biodiesel feedstock. On the Dalian Stock Exchange, soybean oil prices rose 0.1% while palm oil prices rose 0.2%. ...

Source

Vinanet

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