Saturday , May 28 2022

Malaysia's palm oil price falls below 2,000 counterfeit for the first time in 3 years – Business News


KUALA LUMPUR: The future of palm oil fell below the 2,000 ringgit level for the first time in three years on Wednesday, eating losses in associated edible oils on the Dalian Products Exchange of China and end-of-year lists levels. the prospects.

The benchmark palm oil contract for January closed on the Bursa Malaysia Neighborhood Exchange 1.7 per cent in 1,973 ringgit ($ 470.38) tonnes, its seventh consecutive day of losses.
Earlier it fell as much as 2.1 per cent to 1,965 ringgit, the winner level since August 2015.

Total equivalent to 55,797 25 tonnes each Wednesday.

"Yesterday crude oil came down a lot … Dalian is also suddenly down. This is not all good for the palm market," said Kuala Lumpur's future trader.

He said prices could fall further because stocks in Malaysia, the world's largest producer and exporter in the world, could rise from current levels.

The official data of the Palm Palm Malaysian Board on Monday, October in October showed 7.6 per cent to 2.72 million tonnes, while the production rose by 6 per cent to 1.96 million tonnes.

The trader said that a review to the forefront of analysts for Malaysian inventories in December has also contributed to the decline in palm.

Malaysia's palm oil stocks are expected at the end of December to climb to 3.5 million tonnes, Dorab Mistry said at an industry conference in China on Wednesday. He also raised his predictions for 2018 Indonesia palm oil output to 41 million tonnes of 38.5 million tonnes.

Mistry predicted that the Malaysian stocks are expected to finish this year between 3 million and 3.3 million tonnes.

In other edible edible oils, Chicago's Chicago's soybean oil contract was down 0.2 per cent, while the soybean oil contract in January on the Dalian Products Exchange dropped by 1.6 per cent.

Meanwhile, the palm oil contract dropped January 2.2 per cent.

Palmeral oil prices are affected by the movements of other edible oils as they compete for a share in the global vegetable oil market.

Palm oil is expected to breach support in 1,996 tonnes, and fall into a range of 1,933-1,972 fruit, according to Reuters market analyst for Wang Tao's technical and energy technology. – Reuters

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