Saturday , October 23 2021

Malaysian palm oil price rises to 1000 rings per business once in 3 years – Business News


KUALA LUMPUR: Malaysian palm oil futures for the first time in three years have dropped from 2,000 ringsgit on Wednesday, lowering the cost of associated oils at the Dalian commodity exchange in China and lower than the forecasted inventory at the end of the year.

Bourse on the Malaysian derivative financial auction for palm oil contracts in January fell by 1.7% to 1.973 rings ($ 470.38) per ton, which costs seven days in a row.
Previously it dropped to 2.1 percent and dropped to 1965 rings, and from August 2015 it reached the weakest level.

The volume of trades on Wednesday, 25 tons per ton was 55,797 lots.

"Crude oil has fallen sharply yesterday … Dalian also falls sharply that is not good for the palm market," says Kuala Lumpur futures trader.

According to him, the world's second largest producer and exporter in Malaysia can rise above the current level.

According to the official Palm Oil Board, reserves in October increased by 7.6 percent to 2.72 million tonnes, and production rose by 6 percent to 1.96 million tonnes.

The trader reconsidered the leading analysts' forecast for Malaysian inventories in December, contributing to the fall of palm trees.

Malaysian palm oil reserves are expected to reach 3.5 million tons by the end of December. He also increased the production of palm oil in Indonesia from 38 million tonnes to 41 million tonnes in 2018.

Earlier this year, the Malaysian stock of Malaysian funds increased from $ 3 million to $ 3.3 million this year.

In other related oils, Chicago's crude oil contracts fell by 0.2 percent in December, and the January contract on the Dalian commodity exchange dropped by 1.6 percent.

In addition, contracts for palm oil fell by 2.2 percent in January.

Palm oil prices are likely to affect other possible oils that compete for the global oil market share.

Palm oil is expected to reach 1,933-1,972 ringgit per ton, up from 1,996 ringgit tons, reports Reuters agency commodity and energy technicians Van Tao. – Reuters

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