Palm slips in Asian trade
MG News | March 16, 2023 at 09:56 AM GMT+05:00
March 16, 2023 (MLN): Crude palm oil prices experienced a slight dip in early Asian trade however, the recovery is expected in months to come.
In a note to investors, analysts Leow Huey Chuen and Jacquelyn Yow predicted that palm oil prices could fluctuate between MYR3,500-MYR4,300 a ton for the first half of the year.
The analysts also noted that production of crude palm oil is expected to increase in the coming months as the La Nina season has ended. This could lead to a larger supply of oil, which may further impact prices in the market.
As of today, the Bursa Malaysia Derivatives contract for June delivery has dropped MYR56 to MYR3,911 a metric ton.
The fluctuations in crude palm oil prices are closely monitored by industry experts and investors alike.
This is due to the widespread use of oil in a variety of products, including food, cosmetics, and biofuels. The palm oil industry is also a significant contributor to the economies of several Southeast Asian countries, including Malaysia and Indonesia.
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