The price of palm oil rose to a two-year high

2019-12-06 12:03:38
Machine translation
The price of palm oil rose to a two-year high

the rising prices of palm oil has been ongoing for two weeks and made during this period 5%, support prices for soybean and sunflower oil.

 

Futures on palm oil exchange in Malaysia rose 1.5 percent to a two-year high of 2815 Ringgits/t or 675,38 $/t decline in production and reserves.

 

According to Reuters, palm oil stocks in Malaysia in November, down 5.7% to 2.22 million tonnes, which is the lowest figure in recent years. This is due to the reduction of oil production in November by 10% to the lowest in the last 5 months level of 1.61 million tons.

 

In November, Malaysia reduced the export of palm oil by 5.2% to 1.56 million tons, but shipments to China rose 56%.

 

Futures soybean oil in Chicago for the month declined 3.6% following the collapse of the soybean market, which presses the postponement of the date of signing throwline agreement with China. However, the support price for palm oil of the quotation of soybean oil yesterday rose 1.5% to 675,94 $/t

 

Following them to 725-735 $/t FOB prices for January delivery of Ukrainian sunflower oil.

 

Rise in price of palm oil reduced the spread between palm and soybean oil to a minimum level, whereas usually it is $100/ton, and sunflower – 150 $/t. If the stock of palm oil will remain at this high level, and in the winter the volume of supply on world markets are usually reduced, the price of soybean and sunflower oil will have a significant potential for growth.

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