Reduced demand from India lowers palm oil prices

2021-05-24 12:05:52
Machine translation
Reduced demand from India lowers palm oil prices

< span style="font-size:14px;">according to experts ' forecasts, India will reduce the consumption of vegetable oils by 400-600 thousand tons in 2021 due to the pandemic and quarantine restrictions imposed.

 

< span style="font-size:14px;">for the second year in a row, India will reduce imports of palm oil, which is the main one in consumption, due to high prices on the world market. Recall that in 2020, the country reduced imports of palm oil by 30% to 7.21 million tons from 9.4 million tons in 2019, although in the period 2016-2019, the volume of its imports increased annually by 1.6%.

 

< span style="font-size:14px;">amid forecasts of declining demand, August palm oil futures on the Malaysian stock exchange on Friday fell 2.9% to 3,991 ringgits/ton or 9 964/ton, losing 12.9% over the week.

 

< span style="font-size:14px;" > at the same time, according to analysts, in the period May 1-20, palm oil production decreased by 16% compared to the same period in April, and exports increased by 16%, but the actual data exceeded forecasts for a seasonal increase in production in May – July against the background of the expected reduction in exports.

 

< span style = "font-size:14px;" >on the Dalian Exchange, July palm oil futures fell by 5.6% to 1 1,189/ton, and soybean futures – by 4.1% to 1 1,323/ton.< / span> < / p>

 

< span style="font-size:14px;">lower palm oil prices increase pressure on soybean and sunflower oil quotes.

 

< span style="font-size:14px;">July soybean oil futures on the US stock exchange on Friday fell by 1.2% to 1 1,424/ton, and December – by 1.9% to.1,239/ton, losing 6.5% and 6% of prices over the week, respectively.

 

< span style="font-size:14px;" > in Ukraine, prices for sunflower oil from the new crop continue to fall, while for the old crop they remain unchanged against the background of a shortage of offers.

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