World vegetable oil and sugar market on March 22: Palm oil price lost 3% to 5-month low

Published 2023년 3월 22일

Tridge summary

The article reports a decrease in the June 2023 palm oil contract on the Bursa Malaysia Exchange by 3.2%, falling to its lowest level since October 14, due to a drop in oil prices as US crude inventories rose, potentially indicating a decline in fuel demand. Despite this, palm oil exports from Malaysia saw a 30.4% increase in the first 20 days of March compared to February. Additionally, the article covers a rise in the prices of raw and white sugar for May 2023 on their respective exchanges, attributed to tight short-term supply.

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Original content

Vegetable oil Palm oil contract for delivery in June 2023 on the Bursa Malaysia Exchange fell 121 ringgit, or 3.2%, to 3,663 ringgit ($819.1) a tonne, hitting its lowest level since October 14. At the mid-day break, this futures contract closed at 3,644 ringgit ($815.94)/ton. Malaysia's palm oil exports in the first 20 days of March 2023 rose 30.4% to 929,274 tonnes compared with 712,740 tonnes exported in the same period in February, according to commodity surveyor Societe Generale de Surveillance data. Oil prices fell as US crude inventories rose, suggesting fuel demand may be weakening, making palm a less attractive option for biodiesel feedstock. On the Dalian Stock Exchange, soybean oil prices fell 3.1% and palm oil prices lost 3.9%. On the Chicago Mercantile Exchange, the price of acacia soybean oil fell after losing 3% overnight. Palm oil prices are influenced by relevant oil prices when competing for share in the global ...

Source: Vinanet