The price of palm oil increased by 4.6% and was supported by quotes of other oils

2020-06-22 12:04:32
Machine translation
The price of palm oil increased by 4.6% and was supported by quotes of other oils

the vegetable oil Markets last week got a lot of factors: increase in oil prices, the decline in palm oil inventory and increasing tensions in relations between the US and China.


the US Secretary of state Mike Pompeo on Wednesday held the first in the past several months, talks with the head of the General office of the CPC Central Committee with foreign Affairs Yang Jiechi, however, they are unable to establish relations between the two countries. China assured that it would adhere to the first part of the prisoner in the beginning of the year a trade agreement, but the next weeks will show the sincerity of her intentions.


President trump on Thursday again promised to break all relations with China if he did not change the actions associated with India, Hong Kong and the South China sea and does not revise the law on security services for Hong Kong. At the same time trump has signed a law that calls for sanctions against the perpetrators of the repression against Muslim Uighurs in the Xinjiang Uighur Autonomous region of China, to which Beijing has threatened retaliatory measures.


Futures on palm oil in Malaysia on Friday rose by 4.6% to 2475 Ringgits/t or 578,81 $/ton amid increased demand from China and India, as well as the rise in oil prices, which last week rose 9% to accounting period by 42.08 $/barrel for Brent crude oil.


the increase in the number of infected Covid-19 and the deterioration of relations between the U.S. and China this week will increase pressure on prices.


Futures for soybean oil in the USA last week grew by 4.5% to 3.5-month high 644,4 $/t on data on China's intent to speed up the purchase of agricultural products from the United States, announced at talks between representatives of countries.


Quotes of rapeseed oil in Europe increased by 12 €/t to the highest level since March 780 €/t after Friday's explosion at a reprocessing plant ADM in great Britain, injuring 3 employees. Plant with a processing capacity of 1 million tons per year will soon stop working.

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