As a result of trading on May 14th at the Kuala Lumpur exchange, the price of the July contract for Malaysian palm oil decreased to 3815 ringgit per ton. This value is lower than the price on the previous trading day, which was 3868 ringgit per ton.
The price decrease is explained by low speculative selling activity, as market participants await data on palm oil exports and production in the first half of May. According to Societe Generale de Surveillance (SGS) estimates, Malaysian palm oil exports amounted to only 263.4 thousand tons from May 1st to 10th.
Oil prices also depend on fluctuations in prices of other vegetable oils that compete for market share globally.
