The price of palm oil has updated its 3-year high

2019-12-26 12:28:21
Machine translation
The price of palm oil has updated its 3-year high

on the Eve of Christmas futures for palm oil rose to the highest in 3 years the level on expectations of high demand from producers of biofuel amid price rise of oil prices, which on Tuesday increased significantly due to speculative factors and improve the state of the global economy.


February futures for Brent crude on London exchange ICE Futures rose 1.22% to its highest level in last 3 months is 67.2 $/barrel.


March futures on palm oil exchange in Malaysia rose by 0.6% to its highest since February 2017 – 2923 Ringgits/t or 707 $/t


the President of Indonesia Joko Dodo announced the introduction from 1 January 2020 for the entire country programme B30, which requires that local companies produced biodiesel contained 30% of biocomponents. According to government estimates, this will allow the country to save on fuel imports for about 63 trillion rupees or 4.5 billion $ in the year.


Indonesia plans to 2021 to increase the share of biocomponents in the biodiesel up to 40%, and in 2022 - up to 50%.


In October Indonesia is the world's largest palm oil producer, reduced its production by 1.5% to 4.52 million tons, while Malaysia, which ranks second in November production decreased by 14% to 1.54 million tonnes.


According to experts Oil World during the first 11 months of this year Malaysia has increased in comparison with the similar period of 2018 palm oil exports by 13% from 17.06 to 15.1 million tonnes.


most of this product interested in India, which for 11 months has gained 4.27 million tonnes of Malaysian palm oil, almost twice the corresponding figure for the 2018 2.23 million tons.


China compared to the previous year increased the import of palm oil by 40% from 1.59 to 2.23 million tons.


the market Growth of palm LII support prices for soybean and sunflower oil.


quotation of soybean oil on Tuesday in Chicago rose to 753,1 $/t

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