In November, palm oil prices dropped by 8.7%

2018-11-15 12:03:55
Machine translation
In November, palm oil prices dropped by 8.7%

as a result of the increase in world production of oilseeds and reduced demand from importers, prices for vegetable oils continued to decline. The leader of the fall was the price of palm oil, which yesterday in Kuala Lumpur fell another 1.7% to 470,3 $/t, and since the beginning of the month, has lost 8.7 percent.


the Main factor of pressure on the price of palm oil, which is mainly used in the production of biofuels, was the drop in the price of Brent crude, which last month fell by 23.3% from 81,4 to 66 $/barrel.


palm oil Production in Malaysia in October rose compared with September by 6% to 1.96 million tonnes, while exports declined by 3% to 1.57 million tonnes Thanks to the oil reserves in October increased by 8% to 2.72 million tons and by the end of the year, according to experts of Oil World, unable to 2.9 million tons, what will be the highest 3-year record and exceeding last year's 2.73 million tonnes of the crude palm oil export in October decreased 37.5% to 230 thousand tonnes, and refined increased by 7% to 1.3 million tons.


Experts predict a reduction in the production of palm oil in the country from 19.92 million tons in 2017 and to of 19.52 million tonnes in 2018, that is still on 13% exceeds that of 2016 – 17,32 million tons. The export of palm oil from Malaysia to 2018 will amount to 16.7 million tonnes, down from 16.5 million tons in 2017 and 16,05 million tons in 2016


a sharp drop in demand is evidenced by the decline in October exports of palm oil to India from 56.5% in the EU by 27.2% compared to the previous month.


In January-October 2018 Malaysia exported 13,71 mln t of palm oil, which is almost the same figure as last year – 13,77 million tons.

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