Prices for Malaysian palm oil have dropped to 3715 ringgit per ton due to a slowdown in exports and the strengthening of the ringgit.

Quotations for Malaysian palm oil on the exchange in Kuala Lumpur dropped to 3715 ringgit/ton (-6 ringgit/ton). Export has decreased, but a price increase is expected on August 21 due to prospects of supply reduction from Indonesia.

22 August 2024

Following the session on August 20th at the trading exchange in Kuala Lumpur, the quotes for Malaysian palm oil reached a level of 3715 ringgits per tonne, which is 6 ringgits per tonne lower than the previous day.

Prices were influenced by the low value of Malaysian palm oil exports and the strengthening of the ringgit to its highest level in the past 18 months. According to data from Intertek Testing Services and inspection company AmSpec Agri Malaysia, Malaysian palm oil exports from August 1st to 20th decreased by 16.7-18.4% compared to the previous month.

However, it is expected that on August 21st, palm oil prices will rise to a two-week maximum as a decrease in supply from Indonesia is forecasted. Market participants anticipate an increase in the base price of palm oil in Indonesia, providing some support to Malaysian palm oil. Meanwhile, Malaysia has maintained an 8% export tax on crude palm oil for September and increased the base price.

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Source: Forkagro.com

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