Malaysian Palm Oil Today Were trading around the Ringgit 3,800 per tonne, as a stronger ringgit prompted some profit-taking following a recent rally that drove prices to a four-month high of around Ringgit 4,500 earlier this month.
If we go by the earlier trading data, palm oil rose steadily to around 4,500 per tonne, by increase in soya oil, soybean oil and crude oil prices. Palm oil remained under pressure due to the increase in these competing edible oils and reduction in ringgit support. Read More…
But now we forecasting the situtaion that the geopolitical situation eases between Russia And Ukraine As Grain Deal between Them Exptends more For !20 Days, while rival edible oil also slumps as today crude oil Decline 4 % to 82$ Per Barrel
As per this current senario We are analsysing that palm oil price will slumps more upto 3,500 Ringgint Per tonne and will trade between 3,500 – 4,000 Per Toone .
Because Still, fundamentals in the palm oil continue to be supported by persistent concerns over the commodity’s global supplies on the heels of severe weather-driven disruptions.
Storms and flooding during the monsoon season, usually between October and January, in top producers Malaysia and Indonesia sparked concerns about disrupted harvesting activities while keeping prices upbeat.
On top of that, worker shortages in plantations continue to hamper harvesting in Malaysia. Meanwhile, exports from Malaysia during November 1-15 jumped between 12.7% and 33.0% from the same week in October.