Crude palm oil prices dropped pressured by persistent doubts over demand
Crude palm oil prices dropped pressured by persistent doubts over demand, sharp pullbacks in rival vegetable oils, and a strong Malaysian ringgit. Rapeseed and sunflower oil prices declined after Russia and Ukraine extended their deal to secure grain trade through the Black Sea, pressuring other vegetable oils.
Business InsiderTop 10 African countries producing Palm Oil
Palm oil has become an essential ingredient in various products we use daily, from food to cosmetics and even biofuels. It is a versatile and inexpensive vegetable oil, and demand for it has skyrocketed in the past few decades. However, palm oil production has also been linked to environmental damage and human rights abuses. Despite these concerns, palm oil production remains an important industry providing jobs and contributing to economic growth in many countries, including several in Africa.
OILS & FATS
Palm oil slumps more than 3pc to lowest closing in five months
KUALA LUMPUR: Malaysian palm oil futures tumbled more than 3 percent on Wednesday to close at their lowest in five months, weighed down by sharp losses in rival edible oils and crude oil, and lingering concerns over the global banking crisis.
Soyabean imports grow 148% in eight months
The imports of edible oil including soyabean and palm oil into the country during the first eight months of the current financial year increased by 148.67 percent and 9.87 percent respectively as compared to the imports of the corresponding period of last year.
OILS & FATS
Palm oil may bounce further to 3,931 ringgit
SINGAPORE: Palm oil may bounce further to 3,931 ringgit per tonne, as suggested by its wave pattern and a falling channel. The chart was a bit distorted by a contract switch on March 17. Due to this distortion, market may not fulfil its target of 3,736 ringgit. Indeed, the contract only narrowly missed this target.