Domestic and international palm oil prices set for highs

The prices of domestic and international palm oil have regained high in early 2023, said a consumer in the Yangon market.
According to the weekly notice for wholesale reference price of palm oil, the FOB prices headed for four-week falls at US$1,056 per tonne during a week from 5 December to 11 December 2022, $1,029 for a week ending 18 December, $1,006 for a week ending 25 December and $994 for a week ending 1 January 2023.
Nonetheless, the prices bounced back to $1,019 per tonne for the week ending 8 January 2023. Consequently, the wholesale reference price rebounded to K4,470 per viss on 2 January 2023 from K4,630 on 5 December 2022 and K4,360 on 26 December.
Similarly, the delivery order prices were K5,450-5,500 on 5 December and K5,050-5,100 on 26 December. On 3 January 2023, the price rose to K5,400 per viss, said Ko Phyo, who sends the edible oil to regions outside Yangon.
Malaysian palm oil prices moved up to 4,270 Ringgit per tonne on 3 January and slipped to 4,255 Ringgit in the evening, whereas it was priced at 3,829 Ringgit on 24 December 2022.
The market price of palm oil hit K5,580 per viss in the evening and K5,600 in the evening of 3 January 2023 in the Mandalay market.
The 18-litre jerry can price increased to $1,169 on 2 January from $1,144 on 26 December.
The price differences of palm oil transported in tanks from jerry cans were relatively smaller. They stayed on the high side in August. The price of jerry showed an increase of K1,000 compared to the oil tank in November. This month, palm oil might freeze during winter. However, the demand for those jerry cans which do not simply freeze is surprisingly falling in the domestic market.
The wholesale prices of other edible oil stand at K11,000 per viss for peanut oil, K10,000-11,000 per viss for sesame oil and K12,000-13,000 per viss for sunflower oil in the Mandalay market.
The prices of peanut and sesame oil have remained unchanged in recent days. – TWA/EMM