The rising prices of palm oil supports the markets of oil

2019-10-28 12:01:19
Machine translation
The rising prices of palm oil supports the markets of oil

the January futures for palm oil exchange in Malaysia rose in July by 3.5%, with increased projections of export in October and the reduction of production, but then declined to 2398 Ringgits /t or 573 $/t. in Just a week they grew by 7.5%, which is the largest weekly increase since November of 2016 and a maximum of 16 months.


According to SGS, for 1-25 Oct Malaysia exported 1.2 million tonnes of palm oil, which is 9% higher than the previous month.


Rise in price of palm oil has led to higher prices for vegetable oils on the Chinese exchanges. There, on the background of a possible reduction of inventory, and production of palm oil in South-East Asia futures for palm oil grew by 3%, soy – by 2.1%, rapeseed oil – by 1.6%.


In Chicago after the previous rapid growth from 7.4% futures soybean oil on Friday fell slightly to 682,3 $/t followed by quotations of soybeans and meal, despite the rise in price of palm oil in Malaysia.


In Ukraine, the price of sunflower oil has stopped the seasonal fall, with the support of neighbouring oil market. Bid prices on the Ukrainian oil increased by 3-5 $/t to 682-685 $/t FOB for deliveries in December and 678-682 $/t FOB for deliveries in the 1st quarter of 2020 while demand rose to a 675-678 $/t FOB.


Rapeseed oil becomes more expensive in the Netherlands with the support of neighbouring markets and rising prices for rapeseed in Paris on the background of the fall of the Euro due to the delay of negotiations on Brexit.


the price of rapeseed oil increased by 2-3 €/ton 784 €/ton DM FOB for shipments in November-January, and rapeseed quotes in Paris rose to a 380,25 €/t or 421,3 $/t

Visitors’ comments (0):