Imports push down DO price of palm oil

The entry of imported palm oil on 8 February 2023 brought down the delivery order (DO) price to K6,500 per viss in the same afternoon, according to an oil dealer.
It is known that the wholesale price of palm oil shot up to K6,750 per viss in the Yangon oil market on 7 February. The price was K6,650 per viss on 8 February.
Approximately 15,000 visses of palm oil from abroad arrived at the Yangon oil market on 8 February and most oil dealers set the oil price at K6,500 per viss on 9 February. The price still can fall on 10 February, it is learnt.
It is known that three palm oil ports in the city will be docked by vessels carrying 5212/4800/4300 tonnes of oil respectively.
The oil price went up to K6,750 per viss at the Yangon external oil market due to the difficulty in getting oil. Imported palm oil price was only US$970 per tonne on 8 February.
The wholesale reference price of palm oil, which is notified every Monday, was only K4,480 per viss at maximum and K4,430 per viss at a minimum within four weeks. During the period, the average exchange rate is only K2,480.
On 3 February, the wholesale reference price was set at K4,430 per viss while the DO price stood at K6,600 per viss. The DO price per viss was K2,270 higher than the reference price on 7 February.
Oil hoarders may buy and store more in the time of price falls since they earned great profits in early 2023, an oil dealer said. — TWA/CT

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