A good test of a vaccine from Covid-19 led to a rise in oil prices and vegetable oil

2020-11-10 12:04:17
Machine translation
A good test of a vaccine from Covid-19 led to a rise in oil prices and vegetable oil

Pfizer, and BioNTech announced yesterday the successful test of a vaccine from Covid-19, which is 90% protects against infection, which is much higher than the expectations of experts. Mass production of the vaccine could begin in 2021.

 

To win Biden and news about vaccine oil prices reacted to the rapid growth of nearly 10%. At the end of trading prices for Brent crude on London's ICE Futures exchange rose 6.5% to 42 $/barrel, while December futures for WTI crude oil on the new York NYMEX - 7.5% to 39.82 $/barrel. U.S. stock indexes during the session yesterday also increased by 5%, but in the end of trading the Dow Jones rose by 2.95% and the S&P500 by 1.17%.

 

Following the oil prices and amid predictions of reductions, the January futures for palm oil in Malaysia increased by 1.5% to 8-year high of 3227 Ringgits/t or 785,92 $/t. Experts expect that in today's report as of November 10, the volume of production will decrease and exports will increase.

 

December futures for soybean oil on the stock exchange of the United States yesterday increased by 2% to its highest since January 2016 level, but later fell back to 781,5 $/t, which corresponds to the opening of the session.

 

the January soybean futures yesterday rose only 0.85 to 408,2 $/t in the absence of purchases from China. Soy in the USA is collected on 92% of areas compared with 90% on average for 5 years. Soybean exports for the week amounted to 2,496 million tonnes, which corresponds to the expert expectations.

 

Egyptian GASC bought at the tender of 16 thousand tons soybean oil local production at a price of EGP 13920/t or 888,32 $/t CFR, which is 11.8% higher than at the previous tender, which was held in late August.

 

Prices for Ukrainian sunflower oil will remain at the level of 1010-1050 $/t FOB. Buyers raise prices amid the rise in prices of soybean and palm oil, while buyers are not willing to pay more.

 

the Government of Russia to 2021 increased the export duty on sunflower seeds from 6.5% to 30%, to increase the supply of sunflower on the domestic market amid strong demand from processors. This will increase the volume of proposals of the Russian sunflower oil on the world market of 0.5 million tonnes.

 

Today, the Iranian government trading Corporation (GTC) will hold the tender for purchase of 30 thousand tons of soybean and 30 thousand tons of sunflower oil with delivery in December-January, which will be an additional price indicator.

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