Malaysian palm oil prices have risen on fears of a downward
spiral. However, due to the slowdown in exports, the market price of the
product was down for two consecutive weeks. News Business Recorder.
According to the data, the price of palm oil, the standard
of the Malaysian market in Bursa Malaysia Derivatives, has risen by 0.81%. The
price per ton has been fixed at 5,580 Ringgit or 1,332 dollars 38 cents.
Earlier, the price of the product had dropped by 1.1 percent. In the last week,
the price has decreased by 0.66 percent.
A Kuala Lumpur-based trader said palm oil production in
Malaysia is expected to decline this month. The country's production will be
down for four consecutive months. Last January, the production was 1.3 million
tons, which is 10 percent less than the previous month. With this, the
production has come down to the lowest level since February last year. At the
end of the month, stocks of the product may also decrease, which is helping to
increase prices.
As of February 10, Malaysia's palm oil exports were down 5
to 6.5 percent from the same period last month. On the other hand, at the end
of January, the stock of the product has decreased more than expected. Reserves
have dropped to a six-month low. Because production and imports were also down
in that month.
|Source: Online/KSU
Comment Now