World vegetable oil and sugar market September 6: Malaysian palm oil prices reversed after two sessions of decline

Published Sep 6, 2023

Tridge summary

Palm oil prices on Bursa Malaysia increased by 0.69% to 3,933 ringgit per ton at the beginning of the trading session, but fell to 3,882 ringgit per ton during the lunch break. Malaysia's palm oil inventories are expected to reach a six-month high of 1.89 million tons at the end of August due to increased output and slowing exports. India's increased edible oil imports could help reduce palm oil inventories in Indonesia and Malaysia and support palm oil futures prices.

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

Original content

Vegetable oil Palm oil contract for delivery in November 2023 on Bursa Malaysia at the beginning of this morning's trading session increased by 32 ringgit, equivalent to 0.69%, to 3,933 ringgit (841.64 USD)/ton. Lunch break, this contract is at 3,882 ringgit ($831.62)/ton. According to the Malaysian Palm Oil Board (MPOB), the country maintains the crude palm oil export tax in September 2023 at 8% and increases the reference price. Malaysia's palm oil inventories at the end of August 2023 could rise to a six-month high of 1.89 million tons, due to increased output and slowing exports, according to a Reuters survey. MPOB is scheduled to release palm oil inventory data on September 11. Indonesia has set the reference price of crude palm oil in the first half of September 2023 at 805.2 USD/ton, with taxes and crude palm oil export fees at 33 USD/ton and 85 USD/ton, respectively. India's edible oil imports in August 2023 increased 5% to a record 1.85 million tons, as mills bought ...

Source: Vinanet