Palm oil is at three-year high

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Palm oil is at three-year high
January 10
13:00 2020

Palm oil is a rather interesting asset; Indonesia is its largest global producer. Malaysia ranks second.

Today, the palm oil futures are at three-year high. The drop in stocks and a decrease in its production in Malaysia caused the price growth.

To date, palm oil futures for March delivery have increased to $ 769 per ton. The last time the market observed such numbers in early 2017.

The weekly growth of the asset has amounted to 0.6%. In addition, “bullish” behavior has been recorded for the fourth week in a row.

In December, palm oil reserves in Malaysia decreased by 11% and amounted to 2.01 million tons. The Malaysian Palm Oil Board (MPOB) has made this data public. For the last time similar values were recorded in the summer of 2017. It also became known that in December the production had decreased by 13.3% and amounted to 1.33 million tons.

Analysts agree that the “bullish” mood in this market will continue for quite some time. A significant increase in palm oil exports from Malaysia is the reason for this trend.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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