Rising prices for palm oil continues

2019-11-12 12:03:47
Machine translation
Rising prices for palm oil continues

the January futures for palm oil in Malaysia on Monday rose another 2% to the highest since November 2017 level 2627 Ringgits/t or 634,2 $/t

 

as of October 20th, when the price increases, palm oil rose by 12.8% due to reduction of its stocks in Malaysia at the end of October to 2.35 million tons, far below traders ' expectations and is the second-lowest level this year.

 

the Reduction of production and export volume was higher than predicted by experts. Compared to the previous month the production decreased by 8.6% to 1.8 million tonnes, while exports grew by 16.4% to 1.64 million tons, the Demand for palm oil began to rise after the decision of Malaysia and Indonesia to increase its share in the fuel to 25 and 30%, respectively.

 

currently in Indonesia continues a comprehensive study of programs to increase the proportion of biodiesel in motor fuel up to 30% (B30), which will test the readiness of systems for distribution and storage of fuel in the country and will determine how a new type of fuel will show up at mass use. It is expected that the consumption of biodiesel in the country will grow by 43% to 9.49 million kilolitrov after increasing its share in motor fuel from 20% to 30% in 2020.

 

Until the end of the year, Indonesia plans to hold talks with India to reduce the duties on palm oil to the same level as Malaysische oil.

 

December futures for soybean oil in Chicago yesterday fell 1.3% to 692,69 $/ton after prices for soybeans and support could not even rise in price of palm oil.

 

However, Argentine soybean oil for the market support palm rose to 700-705 $/t FOB Up River for supply in December, while Ukrainian sunflower oil has risen to 710-715 $/t FOB for shipments in the 1st quarter.

 

the rising price of rapeseed in Paris to 392,25 €/t resulted in a rise in price of rapeseed oil to 800 €/t DM FOB for shipments in February-April.

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