Malaysian palm oil soars by 6% amid weather concerns

By MG News | June 16, 2023 at 10:39 AM GMT+05:00

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June 16, 2023 (MLN): Malaysian palm oil rose on Friday, for a third straight session amid concerns over hot and dry weather.

The benchmark palm oil contract rose significantly today by 6.13% to 3,737 ringgit a tonne.

Palm oil prices have surged by 16.74% in this month.

Malaysia is the largest producer of palm oil and is experiencing water stress from early signs of EL Nino weather patterns.

Palm oil estates in Sabah, Malaysia are facing yield cuts, under-fertilization and labour shortages.

Moreover, Cargo surveyor Intertek Testing Services said that exports of Malaysian palm oil products for June 1-15 fell 16.6% from the same week in May. Another cargo surveyor AmSpec Agri Malaysia said exports fell 16.4%, as reported by Reuters.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

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