Palm oil price hovers around K5,300 per viss in December

The palm oil price stays around K5,300 per viss in December.
The delivery order price for palm oil was approximately K5,350 per viss on 6 and 16 December, which shows an increase of K785 per viss compared to the reference price. The wholesale market prices of palm oil were around K5,300-5,350 per viss in Yangon and K5,450 in Mandalay on 18 December.
The Malaysian palm oil price dipped from 3,926 Ringgit to 3,918 Ringgit on 16 December. The relevant authorities issue the wholesale reference price of palm oil on a weekly basis. The wholesale reference price for Yangon was set at K4,020 per viss on 3 October and slid to K3,880 on 10 October. Thereafter, the wholesale reference price gradually went up to K4,630 on 5 December.
In November, the authorities hiked the reference price every week. The figures indicated an increase of K200 compared to the previous month. The reference prices were set at K4,425 per viss for a week ending 4 December, K4,630 for a week ending 11 December and K4,515 for a week ending 18 December respectively. The reference price is released on Mondays.
The reference prices moved up and down slightly in December. However, the market price of palm oil remained unchanged, said Ko Phyo, a trader who sends edible oil to the regions outside Yangon.
The wholesale price of palm oil has dropped below K5,000 from 18 November. The delivery order price was around K5,950 per viss on 16 November, while the market price was around K6,000-K6,100 per viss. On 18 November, the palm oil was priced at K5,700-K5,750 per viss in the wholesale market.
The edible oil traders can evaluate the profit by closely observing the international markets.
The wholesale market price of palm oil in December 2022 was down by K4,000 compared to the highest record at K9,500 this year. Despite the decline in prevailing market price, the price of the food products with palm oil is still high, the consumers stressed.—TWA/EMM