Palm oil drops to three-month low on weak demand, rising output

MG News | September 21, 2023 at 01:24 PM GMT+05:00

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September 21, 2023 (MLN): Malaysian palm oil fell on Thursday due to weak demand and rising output, with losses in soybean oil putting further downward pressure.

The benchmark palm oil contract is down by 1.83% to 3,652 ringgit a tonne, which is the lowest level since June.

Moreover, Soyoil fell for a fourth day to the lowest since August.

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

Palm succumbed to selling pressure in US soyoil and Dalian vegetable oil markets, while demand remains a major concern, according to Paramalingam Supramaniam, a director at Pelindung Bestari, a Selangor-based broker, as Bloomberg reported.

Prices are further weighed by rising production in the second-biggest grower Malaysia, especially in its top-producing states of Sabah and Sarawak, he said.

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